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 Pennsylvania, a living trust, or inter vivos trust, is a legal arrangement created during a person's lifetime, allowing them to control their assets and provide for beneficiaries without going through probate upon death. The person who creates the trust (the grantor or settlor) transfers ownership of their assets into the trust and can specify how these assets are to be managed and distributed. The trust is managed by a trustee, whom the grantor appoints, and this trustee has a fiduciary duty to manage the trust assets in the best interests of the beneficiaries. Successor trustees can also be named to take over if the original trustee is unable to serve. Living trusts can be revocable, allowing the grantor to make changes or revoke the trust entirely during their lifetime, or irrevocable, which means the trust cannot be altered once established. Pennsylvania law governs the creation and administration of living trusts under the Pennsylvania Uniform Trust Act. This type of trust is distinct from a testamentary trust, which is created by a will and only becomes effective upon the death of the testator.