The Trust was launched at Garryowen Rugby Club in Limerick, where Shane was an active member and captained the club's Thirds.
In a statement, Shane's mother, Mary Geoghegan, said: "From the day we lost Shane, we've been fighting for his memory.
"Fighting for his memory because of the danger that he may be remembered only by the manner of his dying. That would be another tragedy.
"We, his family, want Shane Geoghegan to be remembered for his life and the way he lived it. He was a contributor. He made other people's lives better.
"His name should continue to remind people of that wonderful quality, and that's the reason for this Trust. It is the continuing contribution of a young man who lived a full, happy and generous life."
The Shane Geoghegan Trust is currently preparing to roll out local projects such as Street Games, Creative Workshops, and the Club of Hard Knocks.
The coming weeks will see the launch of Street Games in Limerick, the first of the Trust's initiatives, with the help of Limerick Sports Partnership.
The objective of Street Games is to deliver sports activity in the community in a style that engages young people who may not warm to more traditional opportunities.
It is hoped to emulate the success to date of Street Games as a community activity in the UK.
Speaking at the event, Shane's Uncle, Tony Geoghegan, said: "We are here today to launch this Trust to honour Shane's memory.
"Why should we honour Shane? His family and friends would say Shane was special and deserves to be honoured but I am sure that all families would say that about their loved ones.
"What was special about Shane was that he was so normal. He represented every mother's son or daughter who goes for a night out and doesn't come home.
"Through the work of the Trust, we want to ensure that our response to Shane's death is a beacon of light, helping lives shine."
Niall Quinn, CEO of Sunderland FC, gave a strong commitment to the Trust's fundraising efforts when he said: "In addition to offering our experience, I am delighted today to confirm to the Trust, that Sunderland FC will be delighted to play in a Charity game in Limerick at the beginning of next season.
"The objective of the game will be to assist the fundraising efforts of the Trust while ensuring that the game is made available to all of those whom the Trust is trying to support.
"So today, as I stand at the beginning of what I am sure will be a successful and positive venture. I would now like to formally launch the Shane Geoghegan Trust."
The Trust will be supported through a combination of fundraising events including an art auction in early December, voluntary help and private donations, all of which will be welcome to ensure its success.
Anyone wishing to donate to the Trust can use Bank of Ireland Account: (Sort Code: 904317; Account No: 38377911) or go to the Shane Geoghegan Trust website, www.sgt3.com
Related Links -
Shane Geoghegan Trust Website - www.sgt3.com