A statement created by the title holder of an item of property the property has been held for the advantage of some other person. The property is placed having a trustee managing the asset, in a trust. The statement outlines who the trust is in advantage of, who is able to amend or revoke the trust ( in case that it could be amended at all), that will serve as trustee and precisely what powers the trustee holds, and advice regarding what"s to occur if your beneficiary would like to receive distributions.