A trust that an individual establishes during the individual's lifetime, enabling the person to control the assets contributed to the trust. Also known as an inter vivos trust. Bloomberg Financial Dictionary
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living trust UK US noun [C] also FORMAL inter vivos trust)
► LAW a legal arrangement which allows someone to give their assets to someone else while they are alive but still keep control of them until they die: »
You can still control your assets if you put them into a living trust.
Financial and business terms. 2012.