Princess Diana's Sons William and Harry Plan A Statue In Honor Of The 20th Anniversary Of Her Death 

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Princess Diana nears, Prince William and Prince Harry are to honor their mother with a statue that will stand in the shadow of her old home in Kensington Palace in London.

The princes have formed a committee made up one of Diana’s sisters, some friends, experts, and charity contacts to help come up with the fitting tribute to her.

The statue will stand in a public area of Kensington Palace Gardens, the royals said in a statement released to PEOPLE.

“It has been twenty years since our mother’s death and the time is right to recognize her positive impact in the U.K. and around the world with a permanent statue,” Prince William, 34, and Prince Harry, 32, said.

“Our mother touched so many lives. We hope the statue will help all those who visit Kensington Palace to reflect on her life and her legacy,” they continued.

Chairing the committee that will commission and privately raise funds for the creation of the statue is the princes’ trusted former principal private secretary Jamie Lowther-Pinkerton. (He is also one of Prince George‘s godparents.)

Lady Sarah McCorquodale, Diana’s eldest sister, represents the Spencer family’s interests, while one of Diana’s closest friends Julia Samuel is also on the committee. Samuel is founder patron of Child Bereavement UK charity, where William serves as a patron.

The rest of the group include John Barnes, conservation and learning director at Historic Royal Palaces which runs the unoccupied palace spaces; Gerry Farrell, who is a gallery owner and has been chosen for his artistic direction, a royal source tells PEOPLE; and financier Guy Monson, who is one of the trustees of the Royal Foundation — the charity vehicle through which the princes and Princess Kate center much of their philanthropic work.

RELATED VIDEO: Remembering Princess Diana 19 Years After Her Untimely Death

William and Harry will be kept appraised of the work throughout and hope that it will be installed before the end of the year, the source adds.

This committee will advise on the selection of the sculptor and will work with Historic Royal Palaces on the statue’s installation in the public gardens at Kensington Palace.

Throughout the year, there are likely to be other commemorations to Diana, who died following a car crash in Paris in August 1997. The princes will take part in public duties with charities that were associated with her, PEOPLE understands, and work with the Diana Award as they bid to highlight her ongoing legacy.

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