A Separate Property Agreement is for an individual who is married but owns sole-and-separate property.  It allows the spouses to have a joint trust, but for the sole-and-separate property to remain sole and separate even when it is retitled into the name of the trust. 

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The Separate Property Agreement allows the property to be held in the trust without it becoming community property.  The benefit of having the sole-and-separate property held in the trust is so that it can avoid having to go through the court process of probate to be distributed.  Instead, by having it in the trust, the sole-and-separate property can be distributed directly according to the terms of the trust document itself.