Bernice named Samuel Mills Damon, William Owen Smith, Charles Montague Cooke, Charles McEwen Hyde, and her husband, Charles Reed Bishop, as the original five trustees to invest her estate at their discretion, use the income to operate the schools, and also "to devote a portion of each year's income to the support and education of orphans, and others in indigent circumstances, giving the preference to Hawaiians of pure or part aboriginal blood."