Upon initial creation of your wallet, you will be advised of the need to backup your wallet. And before you can “Continue”, there is a Terms of Usage that you have to agree upon.
It clearly states that:
"I understand that if I lose my recovery words, I will not be able to access my wallet."
Beyond this point, you are solely responsible of taking care of your recovery phrase.
Do a Backup of your wallet
Do all necessary measures to keep it secure.
Do not share it with anyone.
Trust Wallet is a fully decentralized non-custodial wallet. This means that you have complete access over your cryptocurrencies but are also solely responsible for their security.
All of your cryptocurrency balance(s) are encrypted within the “12-Word” Recovery Phrase. The recovery phrase is the master key for all your assets. Meaning, all private keys are derived from that 12-Word Recovery Phrase.
If you lost the Recovery Phrase, you loose access to your wallet.
Keep in mind that in the event your phone is broken, stolen, lost or the app is deleted accidentally, Trust Wallet never has access to your funds or the associated 12-Word Recovery Phrase. We do not store any of your personal information on our servers and thus can’t recover your funds if you lose your 12-Word recovery phrase.
There is no other way to recover a lost Recovery Phrase.
So as much as possible, do a Backup.
Before you start using a wallet, try to recover it first. This will ensure that you are able to use the Recovery phrases to Restore a wallet.
The slogan actually means If you don’t own the private keys of the wallet address where your cryptocurrencies are located then, in essence, you don’t own the crypto stored in that wallet.
The recovery phrase will only be associated to just a single wallet.
3 Steps to Protect your Crypto Wallet