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 Virginia, 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. Virginia law allows for the creation of living trusts to manage assets and can help avoid the probate process upon the grantor's death. The trust document should clearly outline the duties of the trustee, the rights of the beneficiaries, and the conditions under which the trust operates. Unlike a testamentary trust, which is established upon the death of the individual and typically through a will, a living trust is active during the grantor's life. It is important for individuals considering a living trust in Virginia to consult with an attorney to ensure that the trust is properly established and meets all legal requirements.