Jack and Kristina Wagner are honoring their late son Harrison by giving back to their community.
Following the death of their son this week, Jack and his former wife Kristina created The Harrison Wagner Scholarship Fund to pay respect to their son, whom the one-time General Hospital co-stars described as "a bright, exuberant young man whose smile lit up any room he was in."
"He has left behind many men and family members who loved him deeply," a statement on the website read. "We are heartbroken that he ultimately lost his battle with addiction and we hope that Harrison's memory will live on through this scholarship and will help other young men get help for their addiction that would not otherwise be able to afford it."
A close friend of the family tells PEOPLE on Saturday that the scholarship is "a tribute to their son."
"They want to be able to help other people and do something that will make a difference-- as well as honor their son, Harrison," the family friend adds.
All funds donated to the Harrison Wagner Scholarship Fund will be used to directly help young men pay their rent or a portion of their rent at New Life House, a sober living facility to "serve young men in recovery," the community's website states.
The website also noted the founder of the house, Perry Petacia, formed the community, "a group of sober living facilities in Torrance, in Los Angeles, with a vision of not just helping men abstain from alcohol and drug dependence, but rather transforming the lifestyles of alcoholics and addicts and teaching the life skills necessary to succeed."
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Per a report from the Los Angeles Medical Examiner's Office obtained by PEOPLE, Harrison was found in a local parking lot on Monday and was pronounced dead at the scene. He was 27.
On Wednesday, a spokesperson for the L.A. Coroner's Office told PEOPLE his cause of death is "deferred."
"Deferred means that after an autopsy, a cause of death has not been determined and the medical examiner is requesting more investigation into the death, including additional studies," the spokesperson explained in a statement.
"Once the tests/studies come back, the doctor evaluates the case again and makes the cause of death determination."
Harrison is Jack and Kristina's youngest son. The former couple, who were married from 1993 to 2006, also share a 31-year-old son named Peter. (When Calls the Heart star Jack, 62, also has a daughter, Kerry, from a previous relationship.)
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Shortly before Harrison's passing, he wrote on Instagram: "Focus. YOU are left with YOU and your thoughts."
Meanwhile, the 59-year-old actress, who currently appears on General Hospital as Felicia Scorpio, also reflected on spending time with her two sons at the Wagner family ranch.
"A bittersweet farewell to the place we called Wagner Ranch for 25 years," she wrote on May 20 beside a photo of the trio on the property. "The prickly beauty of the high desert and a landscape surrounded by national forests always reminded us that there is peace when you are willing to look for it."
Kristina continued, "Oh Ranch, it's time to part. We'll miss you so much with our heartwarming memories. We know that there are many opportunities for joy ahead. #grateful #PeterandHarrison #lovemysons."