The foundation will "assist and provide relief to children with vision, hearing, mobility, communication, behavior learning impairments or other special medical, environmental, health or educational needs," according to a statement on the site.
Following the teen's death, the family issued a statement, thanking everyone for the support in the wake of their loss.
"We would like to extend our deepest and most heartfelt thanks to everyone who has sent their love and condolences," the statement read. "Jett was the most wonderful son that two parents could ever ask for and lit up the lives of everyone he encountered. We are heartbroken that our time with him was so brief. We will cherish the time we had with him for the rest of our lives."
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