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Wills, Trusts & Estates keyed to Dobris
Matter of Warhol
Facts
Warhol was a famous artist who died unexpectedly. Warhol left behind an estate valued at more than $100,000,000. His executor had been Warhol’s close advisor and business partner for over twenty-five years. The executor, on the day of Warhol’s death, hired an attorney who was unexperienced in estates and trusts management but who had attained a high level of popularity as the model for a character in the best-selling novel, “Bonfire of the Vanities.” Respondent Executor and Petitioner Attorney had entered into a retainer agreement. Under this agreement, Petitioner was to provide Respondent with legal services in connection with the administration of the Warhol Estate. The parties had changed the retainer agreement on two occasions. Finally, the agreement was amended to fix Petitioner’s fees at an increased amount, which was equal to an executor’s commission. Petitioner sough to have the fees fixed and filed with the court. The court fixed the fees at $7.2 million dollars.
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