Definition - What does Trust Property mean?
Trust property is all of the property that is put into a trust under a trust agreement, and that is to be managed by the trustee.
In the context of the law, the trustee is legally obligated to manage the trust property in accordance with the terms of the trust agreement, as well as the wishes of the grantor of the trust.
Justipedia explains Trust Property
There are many different types of property that can be trust property, for example: land, cash, houses, jewelry, investments and many other types of property. In order to become trust property, all that needs to happen is that the grantor needs to put the property in the trust when it is set up.
The trust property can cease to be trust property if the trustee gives it to a beneficiary as per the terms of the trust. The property would then belong to the beneficiary.