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 Arizona, 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 to the beneficiaries. Arizona law allows for the creation of such trusts and provides the framework for their operation, including the modification and termination of the trust, under the Arizona Revised Statutes. 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. An attorney can provide specific guidance on creating a living trust in Arizona, ensuring it meets all legal requirements and the grantor's estate planning goals.