Trust established for family members of late Miami Marlins pitcher Jose Fernandez

The Miami Marlins have established a trust for the mother and daughter of former ace Jose Fernandez via a $700,000 contribution from Major League Baseball, the Miami Herald reported on Thursday.

Fernandez, who was a two-time All-Star pitcher, was killed along with two others in an early morning boating accident on Sept. 25.

The league allocates $1 million to a team should one of its players die, however the insurance company responsible for those payments did not issue the full amount. The company's reasoning stems from the Florida Fish and Wildlife Conservation Commission concluding that Fernandez had been operating the boat at the time of the crash with a blood-alcohol level of .147 and traces of cocaine in his system.

The sides settled on a $700,000 figure.

Marlins president David Samson said that the trust will be used to pay for the education of Fernandez's 3-month-old daughter, Penelope. The money will also be provided to ensure that her mother, Maria Arias, is able to finish any schooling free of debt.

Fernandez's mother, Maritza, also will receive an annual sum via the trust.

"The focus for us and (Marlins owner) Jeffrey (Loria) is making sure Maritza and Penelope were taken care of in the aftermath of such an unimaginable tragedy," Samson told the Miami Herald. "To the extent that there were proceeds from any insurance policy for the benefit of the Marlins, there was never a doubt that Jeffrey and the Marlins would pass those proceeds directly to Penelope."

Fernandez, 24, and his two friends, Emilio Jesus Macias, 27, and Eduardo Rivero, 25, were killed after their 32-foot boat hit a jetty off South Beach at high speeds.

Fernandez was named National League Rookie of the Year in 2013 and owned a 38-17 mark with a 2.58 ERA in 76 career starts for the Marlins.