Edwin died in 1868. In his will, he left a bequest for the establishment of an "institution of learning," providing his trustees with land and funds. Edwin's will was executed by surviving wife Martha Stevens who would also serve as a lifetime Trustee of the institute. Martha Stevens oversaw much of the family's philanthropy toward the City of Hoboken including founding of the Church of the Holy Innocents as a free Episcopal church, a foundling hospital and birthing center at St Mary's Hospital; the Robert L. Stevens Fund for Municipal Research; manual training schools for both boys and young girls in Hoboken; the Hoboken Public Library and Manual Training School.