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Published 11:27 26 Aug 2020 BST
Updated 11:54 26 Aug 2020 BST
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The trust, which was created in 2004, existed years before Britney's conservatorship in order to protect her children if the singer was to pass away.
The trust includes Britney's bank accounts and assets such as jewellery, clothes, and furniture. It may not pertain to intellectual property such as the rights to her music.
Jamie Lynn, who is best known for her role as Zoey Brooks on Nickelodeon's Zoey 101, will step in to manage her sister's assets in the event of her passing.
This comes after 38-year-old Britney filed documents requesting her father, Jamie Spears, be removed from his role as conservator.
Mr Spears has been his daughter's conservator since 2008, giving him the power to control most of her life and career decisions, as well as her finances.
Britney, who has fought against her father's powers for 12 years, has requested that her temporary care manager, Jodi Montgomery, take on the role instead.
"[Jamie] previously served as sole conservator of her person since 2008," the court documents state. "Britney is strongly opposed to having [Jamie] return as conservator of her person.
"Rather, she strongly prefers to have Ms. Montgomery continue in that role as she has done for nearly a year. Britney would like Ms. Montgomery's appointment as conservator of her person to be made permanent."
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