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 South Dakota, 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. This type of trust is effective immediately upon creation and allows for the management and distribution of the grantor's assets according to the terms set forth in the trust agreement. The trust can help avoid probate, provide privacy regarding the assets and their distribution, and can be structured to address the grantor's specific wishes and needs. South Dakota's trust laws are favorable for creating trusts, offering advantages such as perpetual trusts and asset protection. The trust is governed by the South Dakota Codified Laws, particularly under Title 55, which outlines the specifics of trust administration, the duties of trustees, and the rights of beneficiaries. It's important to note that while a living trust can offer many benefits, it must be properly drafted and funded to be effective, and an attorney can provide guidance specific to an individual's situation.