The L'Wren Scott Amber Award was created by The Art of Elysium, a charity which uses the arts to help children with serious medical issues, reported BBC online.
Scott, who killed herself two weeks ago, left her estate to the Rolling Stones star, a will filed in New York has revealed.
She omitted her two siblings in the will, which was signed in May 2013.
Scott, 49, bequeathed her 5.4 million pounds estate to the musician, including all her belongings and the New York apartment in which she was found dead on March 17.
Jagger, 70, was joined at the funeral by his four daughters. The Rolling Stones frontman had been in a relationship with Scott for 13 years.
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