Question 1 [20 marks] On 19th September 2022, Elsie Edwards, a resident of Ipswich, wrote the following letter to her friend, Phyllis Phillips, who also resides in Ipswich:- Dear Phyllis, I have decided that I have more than enough money to live comfortably for the rest of my life, so I want to devote some of my savings to helping others. I am going to transfer $400,000 to your bank account. I would like you to invest half of the money and, during the next 10 years, use the interest earned on those investments to make distributions of such amounts at such times as you think fit to such of my relatives as you may select. After 10 years, you must cash in the investments and use the cash and any accumulated interest to establish a day care centre for children with cancer. The centre must be run on a'not for profit' basis. I would like you to use the other $200,000 to buy shares in Australian companies . You can keep any dividends paid on those shares during your life but I want you to make a will in which you provide that the shares are to be sold and the proceeds of sale are to be divided among my three nieces. You have always been my most trusted friend so I have every confidence that you will be able to carry out these wishes of mine. Fond regards , Elsie On 20th September 2022, Elsie made an electronic transfer of $400,000 to Phyllis's bank account. Phyllis received Elsie's letter on 22nd September 2022. On 24th September 2022, Elsie, who was a keen amateur pilot, died when the light aeroplane that she was flying crashed. At the time of her death, Elsie had three nieces, Raelene, Charlene and Darlene. Phyllis has received advice from various organisations that provide care to cancer patients that setting up a day care centre for children suffering from cancer, including compliance with all of the relevant regulatory requirements, will cost a lot more than the likely proceeds of the contemplated investment of $200,000. Discuss what valid trusts (if any) have been created by Elsie's actions