Upon Kenan's death in 1965, approximately $95 million in assets-the bulk of Kenan's estate-went to the establishment of the trust. The bequest directed the trust to fund grants for religious, charitable, scientific, literary, or educational purposes. Education was Kenan's foremost interest. The trust's first major gift was in 1966-a $5 million endowment to establish the William R. Kenan Jr. Professorships. The professorships continue as one of the trust's main programs, and many of America's leading colleges and universities have received grants. The University of North Carolina at Chapel Hill has been the primary beneficiary of these professorships.
The Kenan Trust has established a number of other programs to fulfill its mission, in areas including family literacy, the arts, science and technology, and secondary school grants. Operated from offices in Chapel Hill, the trust is one of the largest of its kind in the South. It is governed by a small number of trustees and managed by an executive director. By the early 2000s the Kenan Trust's assets had grown to more than $300 million, and more than $260 million had been distributed or committed.