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 Oklahoma, a living trust, or inter vivos trust, is a legal arrangement where a grantor places assets into a trust to be managed by a trustee for the benefit of designated beneficiaries during the grantor's lifetime. The trust is governed by the terms set out in the trust agreement. Living trusts are commonly used to manage assets, avoid probate, and maintain privacy regarding the distribution of assets. The trust document will specify how the assets are to be managed and distributed, and it will name a trustee who is responsible for these tasks. If the trustee is unable to serve, a successor trustee can be named in the trust document. Unlike a testamentary trust, which is established upon the death of the individual and is part of a will, a living trust is effective immediately upon creation and funding. Oklahoma statutes and case law provide the legal framework for the creation, management, and enforcement of living trusts, and these must be followed to ensure the trust operates as intended and is legally valid.