Nathan is a wealthy investor who is entering into his 'retirement phase'. He is upset with how modern Australia is progressing and wishes to set up a strategic litigation fund in order to fund the legal cases of individuals he thinks have made significant contributions to society. Nathan has heard of a woman - Frances - who he thinks has been unfairly vilified by the media. Nathan decides that he wants to fund defamation proceedings for Frances. Nathan decides that he wants to set up a trust to act as the funding vehicle for Frances' legal fees. Nathan signs a document which states the following: I (Nathan) hold $1,000,000 (1 million dollars) on trust for Frances whilst she fights the mainstream media! I am to pay Frances $25,000 a month from the funds held on trust. Nathan transfers the $1m into a new bank account that he holds with the Commonwealth Bank, and titles the account 'Frances' Fighting Fund'. 1) Is this a valid trust? And if it is a valid trust, is it a fixed or discretionary trust?