Read the below statement and answer the following questions.

A legal, binding agreement is an agreement in which assets are transferred into the custody of a named individual i$.$e$.,$ those who then act as instructed, usually for the benefit of another individual, business, or group.

Required:

$2\mathrm{.}1$

Identify the kind of legal entity that the scenario is describing. $2$ marks

$2\mathrm{.}2$

Correctly identify any FIVE groups of people that this kind of legal entity in $2\mathrm{.}1,$ is typically established for and on behalf of$.5$ marks