Background
Alfred Nobel stipulated in his last will and testament that his money be used to create a series of prizes for those who confer the "greatest benefit on mankind" in physics, chemistry, peace, physiology or medicine, and literature. Though Nobel wrote several wills during his lifetime, the last was written a little over a year before he died, and signed at the Swedish-Norwegian Club in Paris on 27 November 1895. Nobel bequeathed 94% of his total assets, 31 million Swedish kronor (US$186 million, €135 million in 2008), to establish and endow the five Nobel Prizes. Due to the level of scepticism surrounding the will it was not until April 26, 1897 that the Storting (Norwegian Parliament) approved it. The executors of his will were Ragnar Sohlman and Rudolf Lilljequist, who formed the Nobel Foundation to take care of Nobel's fortune and organize the prizes.
The members of the Norwegian Nobel Committee that were to award the Peace Prize were appointed shortly after the will was approved. The prize-awarding organisations followed: the Karolinska Institutet on June 7, the Swedish Academy on June 9, and the Royal Swedish Academy of Sciences on June 11. The Nobel Foundation then reached an agreement on guidelines for how the Nobel Prize should be awarded. In 1900, the Nobel Foundation's newly created statutes were promulgated by King Oscar II. According to Nobel's will, the Royal Swedish Academy were to award the Prize in Literature.
Read more about this topic: Nobel Prize In Literature
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