A more thorough explanation:

An inter vivos trust is a type of trust that is created during the lifetime of the person who sets it up, also known as the settlor. This is different from a testamentary trust, which is created in a will and only takes effect after the person's death.

One of the main benefits of an inter vivos trust is that it can help the settlor's estate avoid probate, which can be a costly and time-consuming process. It can also help protect the settlor's privacy and allow them to manage their assets later in life.

An inter vivos trust can be created either orally or in writing, but it's important to note that oral trusts may not be accepted in some jurisdictions and must comply with the statute of frauds. Additionally, an inter vivos trust can be either revocable or irrevocable.

A revocable inter vivos trust allows the settlor to make changes or cancel the trust at any time, while an irrevocable inter vivos trust cannot be changed once it's been set up.

For example, let's say that John wants to set up a trust to manage his assets and avoid probate. He decides to create an inter vivos trust and names his daughter as the trustee. John chooses to make the trust irrevocable, meaning that he cannot make any changes to it once it's been set up. This ensures that his assets will be managed according to his wishes and will not be subject to probate.