This is referred to as an endowment, as opposed to a trust-which is an estate planning document. Normally the contributor will provide the funds, and the organization will assist with the paperwork and with screening applicants (unless the contributor wishes to play a part in choosing the recipient and/or presenting the award)
An endowment sets up a permanent fund (Contributions are carefully invested to ensure the endowment retains its value forever, and the scholarships created by the endowment are funded through the income generated by the investment).
Annual scholarships are for situations where one wishes to commit to funding a scholarship for a certain number of years.
Here is a link to the statewide, non profit organization that will help establish a scholarship and will allow one to pick one of particular interest, ie a field of study, sports, leadership, ethnicity, religion, hobbies, etc
That includes their mission statement, and here is their contact information:
Other foundations can be located by geographic location here:
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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.