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 Washington State, 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, as they do not become public record like wills. Washington law allows for the creation of different types of living trusts, including revocable trusts, which can be altered or revoked by the grantor during their lifetime, and irrevocable trusts, which cannot be changed once established. The trust document should clearly outline the duties of the trustee, the rights of the beneficiaries, and the conditions under which the trust operates. It's important to note that living trusts are distinct from testamentary trusts, which are created upon the death of an individual through their will. For the creation and management of a living trust in Washington, it is advisable to consult with an attorney to ensure compliance with state laws and to address the specific needs of the grantor.