A plain-language definition, not a conclusion about a document or case. Read the term in its full legal context.
Plain-English meaning
Living Trust
A trust created during the grantor's lifetime, often to hold and manage property during life and after death.
Why the term matters
Its practical effect depends on the trust terms and whether assets are actually transferred or designated to the trust.
Do not confuse it with
A living trust is not the same as a living will, which addresses health-care instructions.