i. What is a Trust?
A trust is a legal arrangement where one party, known as the settlor, transfers assets to another party, called the trustee, to manage and hold for the benefit of a third party, known as the beneficiary. The trustee has a fiduciary duty to act in the best interests of the beneficiary and administer the trust in accordance with the settlor’s intentions.

ii. Identification of Participants in the Scenario

1. Settlor (Trustor): Ade – Ade is the person creating the trust by instructing Segun to hold his car for Tunde’s use, making him the settlor.
2. Trustee: Segun – Segun is appointed to hold and manage the car temporarily, assuming the role of trustee.
3. Beneficiary: Tunde – Tunde is the individual who benefits from the use of the car, making him the beneficiary.