A revocable trust whose terms become effective while the donor is still alive. The trust becomes the legal owner of a personÂ’s property, investments, and assets, in a process called funding. Those assets are used for the benefit of another person, called a beneficiary. A trustee manages the trust. However, the trust creator, called the grantor, does not give up any control over the assets and can still buy or sell them. An inter vivos trust in many ways resembles a will. It includes instructions and details for handling the grantorÂ’s estate at death. However, unlike a will, it does not go through probate and prevents the court from controlling the assets of the deceased. Also called living trust.