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 South Carolina, 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 a trust agreement, which outlines how the assets are to be managed and distributed. Living trusts are commonly used to manage assets, avoid probate, and maintain privacy regarding the grantor's estate. Unlike a testamentary trust, which is established upon the death of the individual and is part of a will, a living trust is effective immediately upon creation and does not go through probate. South Carolina law provides the framework for creating and managing living trusts under the South Carolina Trust Code, which sets forth the requirements for a valid trust, the duties and powers of trustees, and the rights of beneficiaries. It is important for individuals to work with an attorney to ensure that the trust is properly established and administered in accordance with state law and the grantor's intentions.