Is trust considered a contract or property?

Answer 1

A trust is more of a property, the trust's assests are obviously property although you fill out legal document to establish this trust. Not a physical prperty though a legal shell to hold assets.

Answer 2

A trust (I assume you're talking about a living trust) is a binding contract. However, it you have a revocable trust drafted, the estate representative can make changes with agreement from the trustees.