The Maiden Gully man was killed in a high speed boat crash north of Sydney on Saturday.

The trust will support the family, which has four girls under the age of 10, as they confront the challenges ahead.

Ian's brother-in-law Stewart Scoble said the aim of the trust was to ensure the four daughters and mother Joanne Baker could have at least some stability in the future.

"This fund will assist Jo to provide the girls with a degree of stability required during this time, an education and the opportunities Ian and her had dreamt of them having," he said.

Ian's passion for water skiing was only outweighed by his passion for his four young daughters.

Wife Joanne has described how the tragedy has left a massive hole for the young family.

"Ian was my rock and an absolutely fabulous father to our four girls who totally adored him," she said.

"Outside of his family, water skiing was his passion and what has happened is truly a tragedy."

Ian spent his entire working life at Telstra, where he worked as the area general manager, a job Joanne said he enjoyed immensely.

Tributes came in from across the water skiiing community upon the news of Ian's tragic death on the Hawkesbury River.

Among his achievements as a champion water skiing observer was the F1 world championships in 2013. He was also won the Australian water skiing championship in Darwin in 1994.

Joanne said while he lived life to the fullest, his proudest moments were with his family.

"Most of all, our family was his life," she said.

"The girls and I are totally overwhelmed by the support and condolences we are receiving."

Family and friends established a trust for the four daughters this week, for Joanne to access for education and other expenses over the coming years.

Mr Scoble said the family had already received strong support from the wider community.

"Jo and her family have been overwhelmed by the support of family, friends and the greater Bendigo community during this traumatic time," he said.

"She now has the responsibility of raising her four beautiful girls alone.

"Recently Jo became aware of the trust fund opened in her name on behalf of the girls."

Details of the trust are:

NAB

Joanne Baker Trust for Jessica, Jordan, Jenna & Jasmine

BSB: 083543

ACC: 988663815