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 Mississippi, 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. The trustee, who can be the grantor during their lifetime, is responsible for managing the trust assets according to the trust's terms and for the benefit of the beneficiaries. Upon the grantor's death, the trust assets are distributed to the beneficiaries without the need for probate. This is different from a testamentary trust, which is established through a will and only comes into effect after the grantor's death. Mississippi law, including the Mississippi Code, provides the legal framework for the creation and operation of living trusts, and it is advisable for individuals to consult with an attorney to ensure that the trust is properly established and meets their estate planning goals.