Winehouse died last month at the age of 27 after years of battling drug and alcohol addiction. The cause of her death has not yet been determined.
The Grammy Award-winning neo soul singer collaborated with Bennett on "Body and Soul" for his upcoming "Duets II" album. The song was recorded in March at Abbey Road Studios in London and is to be released in September.
The foundation is being set up by Winehouse's family to help several charities connected with children and young people.
"We wanted to make a positive difference and help a range of causes close to Amy's heart. This could include help for children in trouble, suffering from health problems, children's hospices and more," Winehouse's father Mitch said in a statement Thursday.
"While it is separate from my campaign to find more help for young addicts, that may be one of the areas that foundation contributes to. We intend to raise funds and distribute them to individual projects who apply for help. I couldn't be happier that everyone involved with Amy and this recording felt they wanted to contribute. Amy was so excited to be working with Tony Bennett and really looking forward to her fans hearing this new recording. The fact that Amy's voice is sounding as amazing and beautiful as ever and she is singing with the great Tony Bennett seems the most fitting tribute of all at this very difficult time."
2014: The Year in Music [PHOTOS]