Living Trust

This is technically any type of trust established by you (the grantor or trustor) during your lifetime. The legal term (jargon) for a trust you establish during your lifetime is “inter-vivos”. Most insurance trusts, children’s trusts, and revocable trusts are inter-vivos or living trusts. Many, inaccurately, refer to “living trust” only for the purposes of defining a trust that is established by you during your lifetime to avoid probate. See also revocable living trust.