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 Wisconsin, 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 assets into the trust and typically serves as the initial trustee, managing the assets according to the terms set forth in the trust document. The trust document outlines how the assets are to be managed and distributed to the beneficiaries. Wisconsin law, including provisions in Chapter 701 of the Wisconsin Statutes, governs the creation and operation of living trusts. These statutes provide the framework for the duties of trustees, the rights of beneficiaries, and the rules for administration of the trust. Unlike a testamentary trust, which is established upon the death of the individual and is part of a will, a living trust is operational during the grantor's lifetime and can provide for a smoother transition of asset management if the grantor becomes incapacitated or passes away.