An inter vivos trust is also known as a living trust and is set up during one's lifetime, often in an attempt to avoid the process of probate and the possibility of high fees. Inter vivos trusts are revocable trusts that can be revoked by the creator. In order to establish a living trust, the grantor transfers titles of the assets being placed in trust to the trustee which can also be the grantor. The beneficiary does not get the assets until the grantor dies. In most cases, it is wise to name a corporation such as a bank or other financial institute as the trustee, simply due to the fact that they will not die and leave the necessity for a new trustee to step forward. Once the grantor passes away, the trust will be transferred to the beneficiary without the need for probate or other legal processes.