Travis' good friend, Samuel, dies. In his will, Samuel names Travis as sole executor of his will. In his will, Samuel leaves the sum of $500,000 to be split between the horse who wins and the one who comes last at the Derby Race at Eagle Farm immediately following his death; one of his two houses at Goombungee to his only daughter Annaleise, at Travis' discretion; 10 DVDs from his large collection to his old school friend Frank; a sum of $1,000,000 to be used to fund a private library available to the general public, showcasing Samuel's large DVD and memorabilia collection, which are all on the history of the horse racing industry in Australia, for which Travis is to charge an entry fee; and the residue of his estate for his local homeless shelter, BedsForAll, but only after a year has passed following his death. Using IRAC format for legal problem solving Advise Travis as to whether there is a valid trust. Now consider the following additional facts to the scenario in Question 1:

Travis decides to invest Samuel's residual estate in his friend Shanna's business, Equine Essentials, to make some money for the estate prior to distributing it to BedsForAll, in return for Shanna making him a director and shareholder in the business. Shanna asks Travis to give her the money so she may invest it how she sees fit within the business as Travis does not know much about Equine Essentials.Travis agrees and gives Shanna a bank check equal to the residual estate.

Travis reimburses himself from the estate, the cost of obtaining the bank cheque which he paid for personally, and the cost of a new mobile phone so he could communicate with the contractors to build the library. Travis also takes out a loan in his name, puts the loan funds into his personal account, and uses the two Goombungee houses as security, to build the private library.

A year has now passed, and Travis has not yet distributed the residue to BedsForAll or commenced building the library.

Annaleise finds out about the investment and the loan and is concerned about the distribution of her father's estate. She has requested a copy of all records belonging to the estate but Travis has refused to provide her with anything.

Advise Annaleise as to what records, if any, she is entitled to; and whether Travis has exercised his duties and powers as trustee properly.

Do not discuss remedies.