The award was created by The Art of Elysium, an organization that brings the arts to hospitalized children. The L'Wren Scott Amber Award honors both Scott, who committed suicide on March 17, and Amber, a child who had a brain tumor and who participated in The Art of Elysium's fashion workshops for hospitalized kids.
The venture was announced Thursday by the New York company that handled the 49-year-old designer's public relations, PR Consulting.
Meanwhile, various media outlets reported that Scott's will left her $8 million Manhattan condo and her other personal possessions to her boyfriend, Rolling Stones frontman Mick Jagger.