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 West 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. This type of trust is established through a written agreement and can be revocable or irrevocable, depending on the grantor's intentions. A revocable living trust allows the grantor to retain control and the ability to alter or revoke the trust, while an irrevocable trust generally cannot be changed once it's established. The trust document will outline how the assets are to be managed and distributed. Living trusts are often used to avoid probate, manage assets in the event of incapacity, and maintain privacy regarding the distribution of assets. Unlike a testamentary trust, which is created upon the death of an individual through a will, a living trust is effective immediately upon creation and funding. West Virginia law, including the West Virginia Uniform Trust Code, governs the creation and administration of living trusts within the state.