A fashion award has been created in L'Wren Scott's name.

The Art of Elysium - a Los Angeles non-profit organisation which uses art to help young people who suffer from serious medical conditions - announced they have created the L'Wren Scott Amber Award in the late designer's honour in a bid to celebrate upcoming fashion talent.

As well as being named after the designer, who committed suicide in her apartment in New York City on March 17, the award also recognises a young girl called Amber.

She tragically succumbed to a brain tumour and was one of the first children to participate in a workshop at The Art of Elysium.

According to WWD, the recipient of the prestigious new prize will donate time to help hospitalised children, as well as creating a clothing collection benefitting the Elysium Collections, which is due to be sold via the charity's website.

Meanwhile, it is believed L'Wren - who had a private funeral service at Hollywood Forever Cemetery in Los Angeles earlier this week - left her $8 million Manhattan property her boyfriend of 13 years, Rolling Stones frontman Sir Mick Jagger.