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 Rhode Island, 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 in Rhode Island are commonly used for estate planning purposes, as they can help avoid probate, provide privacy, and manage assets in the event of the grantor's incapacity. The trust document will name a trustee who is responsible for managing the trust assets according to the trust's terms and for the benefit of the beneficiaries. Successor trustees may also be named to take over if the original trustee is unable to serve. Unlike a testamentary trust, which is created upon the death of an individual and is part of a will, a living trust is effective during the grantor's lifetime. Rhode Island law, including provisions in the Rhode Island General Laws, outlines the creation, management, and termination of living trusts, and these laws must be followed to ensure the trust operates as intended.