Which term refers to the property held in the trust, whether real or personal (tangible or intangible)?

• A. Income
• B. Trust property or trust assets
• C. Corpus or principal
• D. Fiduciary duty

Answer: (B)

Trust property refers to the property held in the trust, whether real or personal, tangible or intangible. When a trust is created, the assets placed into it become the trust’s own property to be managed for the beneficiaries. This includes real estate, stocks, cash, or even intangible rights. Income, by contrast, is the earnings produced by those assets (like rents, interest, or dividends) and may be distributed to beneficiaries. Corpus or principal is another term sometimes used for the assets themselves, but the common label for the package of assets the trust holds is trust property or trust assets. Fiduciary duty describes the trustee’s legal obligations to manage the trust, not the property itself.