Money raised would go towards the erection of a Bob Woolmer Cricket Academy outside Nelspruit in the eastern Mpumalanga province, and to ensure his book on the art and science of cricket gets published, the trust fund said in a statement.
The international cricket world was reeling Friday from the news that the popular coach had been strangled, amid rumours of involvement by match-fixing gangs.
Woolmer's widow Gill said Thursday it was possible an irate fan had murdered her husband, but had not commented since confirmation that he had been strangled.
A family friend who asked not to be named told AFP, "The family is not speaking to the media at the moment but might issue a statement later."
The benefit of the academy would be for cricket all over the world, as well as South Africa's under-privileged communities.
"The Academy is for the benefit of world cricket not just South African cricket and will be run as a not-for-profit organisation.
"One of the objectives ... is that children from underprivileged communities in South Africa will benefit in both a sporting and academic way."
The trust would also aim to provide financial security for his widow Gill, and sons Dale and Russell.
"Their breadwinner has died and they need to be looked after in the future."
Former South African cricketer Jonty Rhodes would be one of the trustees.
"Bob Woolmer was one of world crickets most recognisable characters and servants of the game," read the statement.
"Being one of the top coaches in world cricket did not stop him from sharing his skills and philosophies with the emerging cricketers of the world."