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Yes initiating a continuous charity is a great good deed to be done on behalf of a deceased person.
Examples of continuous charity:
Digging a well in places where people need water.
Building a Masjid or part of it.
Quran memorization schools
Hospitals
Building institutions for Dawah and spreading Islamic knowledge.
Abu Hurayrah may Allaah be pleased with him narrated that the Prophet sallallaahu alayhi wa sallam ( may Allaah exalt his mention ) said: “When a person dies, his deeds come to an end, except for three: a continuous charity, or knowledge that benefits people, or a pious child who supplicates for him.” [Muslim]
Sa’d ibn ‘Ubaadah may Allaah be pleased with him narrated: “I said: ‘O Messenger of Allah, my mother has died; can I give charity on her behalf?’ He sallallaahu alayhi wa sallam ( may Allaah exalt his mention ) said: ‘Yes.’ Sa’d asked: ‘What kind of charity is best?’ The Prophet sallallaahu alayhi wa sallam ( may Allaah exalt his mention ) replied: ‘Providing drinking water’.” [Ahmad and others, and Al-Albaani classified it as Hassan (sound)]
