Legal Definition of Joint living trust: A cancelable arrangement created by a married couple (Grantors), whereby the Grantors transfer property to a trustee to be held for the benefit of the Grantors while alive, then distributed to named beneficiaries | Discover the benefits of a Joint Living Trust – maintain control over your assets, avoid probate, ensure privacy, and enjoy flexibility. Learn how married couples can protect their estate and secure financial security for their loved ones