[2] Truman Capote died in 1984 and his will established a lifetime annuity for his companion, Jack Dunphy.
The will stated that, on Dunphy's death, a literary trust be created that would be sustained by the royalties from Capote's books.
According to Truman Capote's will the proceeds of the Trust fund a prize for the best book of literary criticism in honor of Newton Arvin, former professor at Smith College, with any other funds to support scholarships for creative writing.
In cooperation with the Iowa Writers Workshop at the University of Iowa, the Trust awards the annual Truman Capote Award for Literary Criticism in Memory of Newton Arvin, commemorating not only Capote but also his friend Newton Arvin, the Smith College professor and critic, distinguished professor of American literature, who lost his job after his homosexuality was exposed.
The Trust also established a lifetime achievement award, worth $100,000, and administered through the Stanford University Creative Writing Program.