What document governs the operation of a trust?

The correct answer is the trust agreement, as it is the primary document that outlines the terms and conditions under which the trust operates. This agreement specifies how the trust is to be managed, detailing the roles and responsibilities of the trustee, the rights of the beneficiaries, and the specific instructions regarding the distribution of trust assets. It serves as the legal foundation for the trust and ensures that the intentions of the grantor are clearly articulated and legally enforceable.

Other terms like trust declaration, trust management plan, and trust operational contract may refer to aspects of trust management or procedures, but they do not encapsulate the comprehensive legal framework that the trust agreement provides. The trust agreement encompasses all necessary elements for the trust's operation and is crucial for its validity and enforcement.