A living trust—also known as an inter vivos trust—is a trust that is created and takes effect during the lifetime of the person who creates the trust and places assets in it (the grantor or settlor). The beneficiaries named in the living trust will receive the assets or the income from the assets, as provided by the trust agreement.

The living trust will name a trustee (and possibly successor trustees) to manage and administer the trust.

A living trust is in contrast with a testamentary trust that is created by a will and takes effect when the grantor or settlor (the testator who made the will) dies.

In New York, a living trust, or inter vivos trust, is a legal arrangement created during a person's lifetime in which a trustee is appointed to manage assets for the benefit of the trust's beneficiaries according to the terms of the trust agreement. The grantor, who is the person establishing the trust, transfers assets into the trust and may also serve as the initial trustee in some cases. Living trusts are commonly used to avoid probate, manage assets in the event of incapacity, and maintain privacy regarding the distribution of assets. They can be either revocable, allowing the grantor to make changes or revoke the trust during their lifetime, or irrevocable, which means the trust cannot be altered once established. New York law governs the creation and administration of living trusts under the New York Estates, Powers and Trusts Law (EPTL). It is important for individuals to ensure their living trust complies with New York's legal requirements to be valid and effective. An attorney can provide guidance on the specific rules and considerations for establishing a living trust in New York.