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Investigations

The Estate:
the men who administer it are in the will

Epstein’s will, signed two days before his death, made his longtime lawyer Darren Indyke and his accountant Richard Kahn co-executors of the estate and co-trustees of the trust designed to receive whatever remained. When the Justice Department released the trust documents in early 2026, they showed something else: Indyke allocated $50 million and Kahn $25 million — the two largest shares after Epstein’s girlfriend. In a court filing months earlier they had confirmed they controlled the trust and were entitled to compensation. They had not mentioned being among its biggest beneficiaries. Neither has ever been criminally charged.

Co-executors since
Aug 2019
Indyke allocation
$50 million
Kahn allocation
$25 million
Paid to survivors
$121m + $49m
Criminally charged
Neither
Read this first

Neither Darren Indyke nor Richard Kahn has been criminally charged, and both told Congress in March 2026 they had no knowledge of Epstein’s criminal activities. They settled a class action in February 2026 without any admission or concession of misconduct — their lawyer says they were prepared to go to trial and settled only for finality. They also built the compensation programme that paid roughly $121 million to about 150 survivors. All allegations described here are from civil complaints.

The Finding
The two men who administer the estate are the second- and third-largest beneficiaries of it. They did not volunteer that.
Epstein’s will — signed two days before his death — made his lawyer and his accountant co-executors of the estate and co-trustees of the trust that receives whatever is left. When the DOJ released the trust documents in early 2026, they showed Indyke allocated $50 million and Kahn $25 million — the two largest allocations after Epstein’s girlfriend.

This is the entity that has controlled everything since August 2019.

The archive documents where the money came from. How it moved. How it was sheltered. This page is about who has it now — and who decides what happens to the documents.

They have real authority and real constraints. Every major transaction requires approval from the USVI probate court. They cannot distribute to beneficiaries until debts, claims and administrative costs are satisfied. They filed the tax returns, sold the islands, negotiated with the territory, and built the compensation programme that paid out $121 million.

And they are inside the will. The conflict is not an inference — in September 2025 they told a court they were entitled to future compensation and controlled the trust that would receive the remainder. Per the Wall Street Journal, they did not mention that they are also among its largest beneficiaries.

The Butterfly Trust matters because of the date. A January 2017 email from Indyke’s own legal assistant lists him, Kahn and Shuliak as beneficiaries — two and a half years before Epstein died. This was not a deathbed decision to reward loyal professionals. The arrangement predates the arrest.

What the civil complaints allege. The USVI called them “captains” of the enterprise. The 2024 class action said they built “a complex web of corporations and bank accounts” that let Epstein hide his abuses and pay victims and recruiters, leaving them “richly compensated.”

What was tested. Nothing. The USVI settled. The class action settled for up to $35 million with no admission. No criminal charge has ever been brought.

The Structure

Co-executors of the estate — they decide what is sold, paid and disclosed.

Co-trustees of the 1953 Trust — they control the vehicle that receives the remainder.

Beneficiaries of that same trust — $50 million and $25 million respectively.

Also entitled to compensation for their work as co-executors, on top of the above.

Criminally charged: neither, ever.

Section 01

The Record

Decades
The two professionals

Darren K. Indyke — a New York lawyer specialising in trusts, estates and tax-sensitive corporate structures — was Epstein’s personal attorney. Richard D. Kahn was his accountant. Both worked with him for decades. Corporate records list Indyke as officer or director of multiple Epstein entities in the U.S. Virgin Islands and Florida.

Jan 2017
The Butterfly Trust

An email from Indyke’s legal assistant records that Indyke, Kahn and Karyna Shuliak were “Beneficiaries for the Butterfly Trust.” Two and a half years before Epstein’s death, his lawyer and accountant are already named beneficiaries of his money.

4 Feb 2019
The wire

Per Epstein’s instruction, Kahn is to wire Shuliak $150,000 from the Butterfly Trust. Epstein is arrested five months later.

Aug 2019
The will

Signed two days before his death. It names Indyke and Kahn co-executors of the estate and co-trustees of the “1953 Trust,” the vehicle designed to receive whatever remained after debts and claims. Boris Nikolic was named successor executor without being consulted and declined.

2020–22
The compensation programme

As co-executors they establish the Epstein Victims’ Compensation Program, which pays out roughly $121 million to about 150 survivors. Indyke later described it to Congress as a “voluntary and nonconfrontational means to compensate women who suffered sexual abuse.” A further $49 million was paid in separate settlements.

2022
“Captains”

The USVI Attorney General amends the territory’s lawsuit to name Indyke and Kahn in their individual capacities, alleging they acted as “captains” of Epstein’s criminal enterprise. The territory settles with the estate for over $105 million.

2024
The class action

Boies Schiller Flexner sues them for aiding and abetting sex trafficking. The complaint alleges they built “a complex web of corporations and bank accounts” that let Epstein hide his abuses and pay victims and recruiters — leaving the two men “richly compensated.”

Sep 2025
What they conceded, and what they did not

In their legal responses they deny the allegations. They agree they are entitled to future compensation for their work and that they control the trust that will receive whatever remains. Per the Wall Street Journal, they did not volunteer that they are also key beneficiaries of it.

Aug 2025
Still in charge

A congressional subpoena confirms they remain co-executors, six years on. Every major transaction requires approval from the USVI probate court, and no funds can be distributed to beneficiaries until debts, claims and costs are satisfied.

Early 2026
The 41 names

The Justice Department releases the trust documents. The primary beneficiary is Karyna Shuliak, Epstein’s last known girlfriend — $50 million outright plus a $50 million lifetime annuity, and his 33-carat diamond ring. The document notes he had “contemplated marrying” her. The next two largest allocations: Indyke $50 million. Kahn $25 million.

Mar 2026
Congress

Kahn testifies to the House Oversight Committee on 11 March; Indyke the following week. Both tell the committee they had no knowledge of Epstein’s criminal activities.

19 Feb 2026
The settlement

The estate agrees to pay up to $35 million to resolve the class action. Neither man makes any admission or concession of misconduct. Their lawyer Daniel H. Weiner: “Because they did nothing wrong, the co-executors were prepared to fight the claims against them through to trial, but agreed to mediate and settle this lawsuit in order to achieve finality.” Final approval is set for 16 September 2026.

Now
On hold

Payments from the 1953 Trust remain frozen pending litigation. Victims’ lawyer Brad Edwards has said the co-executors have stonewalled discovery requests at every turn. Neither man has been criminally charged. The 1953 Trust is a “pour-over” vehicle and has never taken effect — the estate held roughly $127 million at its last public accounting, against more than $350 million in promised bequests.

Section 02

Who the Money Was Left To

The 1953 Trust names 41 beneficiaries and distributes more than $350 million in bequests. Twenty-seven names are visible in the released documents; fourteen are redacted. Being named is not an allegation — nothing in the documents suggests wrongdoing by anyone listed, and many have publicly condemned Epstein’s conduct.

Karyna Shuliak — $100 million

$50m outright plus a $50m lifetime annuity, and rights to much of the property. Epstein’s last known girlfriend, a Belarus-born dentist. Handwritten notes record that he had given her a 33-carat diamond ring and 48 loose diamonds “in contemplation of marriage.” She is the last person outside the jail known to have spoken to him — a 20-minute unrecorded call the evening before his death.

Darren Indyke — $50 million

The second-largest allocation. Also co-executor of the estate and co-trustee of the trust that would pay him.

Richard Kahn — $25 million

The third-largest. Also co-executor and co-trustee. Between them the two administrators are allocated $75 million from the estate they administer.

Ghislaine Maxwell — $10 million

The only person imprisoned for the operation is a named beneficiary of the trust. She was convicted in December 2021, two years after the document was signed.

Mark Epstein — $10 million

His brother, placed in trust for his children. Mark Epstein has publicly disputed the official account of the death.

Cecile de Jongh — $1 million

Wife of a former U.S. Virgin Islands governor, and an Epstein employee. The territory’s own complaint documented his employment of officials’ relatives while receiving a 90% tax exemption.

Martin Nowak

The Harvard professor whose Program for Evolutionary Dynamics Epstein funded with $6.5 million. He gave Epstein an office, a key card and 40+ visits after the conviction, and is on leave from Harvard again as of February 2026. He has not commented on the bequest.

Fourteen redacted women — $73 million

Fourteen of the 41 names are redacted in the released documents, and nearly all are identified as female. Between them they account for $73 million. Some appear in the text only as “she,” with multi-million-dollar allocations. Their identities and their relationships to Epstein are not public.

The rest of the 27 visible names

The remainder reads as an inventory of the operation’s staff — the pilots who flew the planes, the assistants who kept the schedule, the property managers who maintained the houses. Nothing in the documents suggests wrongdoing by any of them, and many have publicly condemned his conduct.

What the Estate Has Paid Out

$121 million — the Epstein Victims’ Compensation Program, to roughly 150 survivors.
Total bequests written into the trust: more than $350 million across 41 beneficiaries.
Left in the estate as of September 2025: roughly $127 million — against $350m in promised bequests.
$49 million — additional individual settlements.
$105 million+ — the U.S. Virgin Islands settlement, including $80m+ repaid as fraudulently obtained tax benefits.
Up to $35 million — the February 2026 class action settlement.

Across all proceedings including the bank settlements, financial accountability in this case now exceeds $850 millionand not one person has been criminally charged over any of it.

Section 03

They Also Control the Documents

The part of this that matters most to everything else on this site is not the money. It is the paper.

The estate holds Epstein’s records. Correspondence, financial files, photographs, contracts, the contents of the properties. The co-executors are the party that responds to subpoenas, negotiates productions, asserts privilege and decides what to contest.

Victims’ counsel say that has been a problem. Brad Edwards has stated the co-executors stonewalled discovery requests at every turn.

And a structural point worth naming plainly. The same two people are: the parties who must produce documents, the parties named as defendants in complaints those documents would bear on, and the parties allocated $75 million from the fund those complaints draw against. Each of those roles is lawful. Holding all three simultaneously is the issue.

Where this connects to the rest of the archive. Roughly 3.3 million pages remain unpublished, and the site repeatedly hits the same wall — the estate has not released it. That sentence, on page after page, means these two men.

The fair counterweight. An executor’s duty runs to the estate, not to the public or to journalists. Asserting privilege and resisting discovery is what estate lawyers are supposed to do, and the compensation programme they built paid out faster and with less confrontation than litigation would have. Both things can be true.

Every hat, at once
Administrators — co-executors of the estate since August 2019
Trustees — of the 1953 Trust receiving the remainder
Beneficiaries — $50m and $25m of that same trust
Defendants — named individually by the USVI as “captains” of the enterprise, and in a survivor class action
Document custodians — the party that answers every subpoena for Epstein's records
Programme designers — they built the fund that paid $121m to survivors
Both deny wrongdoing. Neither has been criminally charged. Both testified to Congress in March 2026.

Section 04

Open Questions

?
Will they actually receive the $75 million?
Payments from the 1953 Trust are frozen pending litigation. Whether the allocations survive the claims against the estate has not been determined.
?
Who are the fourteen redacted women?
Fourteen of the 41 names are withheld, nearly all identified as female, accounting for $73 million. Some appear only as “she.” Their identities and their relationships to Epstein have never been made public.
?
What was the Butterfly Trust for?
A January 2017 email names Indyke, Kahn and Shuliak as beneficiaries, and Kahn was to wire Shuliak $150,000 from it in February 2019. Its purpose and full activity have not been explained.
?
How much have they been paid as executors?
They have told a court they are entitled to future compensation for the work. No accounting of fees paid to date has been published.
?
What documents does the estate still hold?
It is the custodian of Epstein’s records. No inventory of what remains unproduced has ever been released.
?
Why has no charge followed?
The USVI called them “captains” of a criminal enterprise in a civil filing. No prosecutor has brought a criminal case against either man.

Section 05

Sources

Reuters · NBC News

The $35 Million Settlement

Feb 2026. The class action, the “richly compensated” allegation, and Weiner’s statement that they did nothing wrong.

nbcnews.com →
LegalClarity

The 1953 Trust Beneficiaries

The $100m to Shuliak, the $50m to Indyke and $25m to Kahn, and the “captains” allegation.

legalclarity.org →
NewsNation

The Butterfly Trust

The January 2017 beneficiary email, the February 2019 wire, and the March 2026 congressional testimony.

newsnationnow.com →
ABC News

The Survivors’ Case

The “facilitation, participation, and concealment” allegation, and the settlement without admission.

abcnews.com →
Document index

The Case File

The class action, the EVCP, and the settlement totals across all proceedings.

epsteinexposed.com →
Companion report

The Origin

Bear Stearns, Towers Financial and Hoffenberg — the first time he was inside a fraud and charged with nothing.

Read the report →
Companion report

The Redactions

The DOJ blacked out fourteen beneficiaries — and exposed the survivors in the same release.

Read the report →
Companion report

The Staff

The butler took the black book and got 18 months. Epstein served 13.

Read the report →
Cross-reference

Southern Trust

The USVI litigation and the $105m settlement they negotiated.

Read the report →
Cross-reference

The Survivors

Who the compensation programme paid, and what it required them to give up.

Read the report →
Cross-reference

Boris Nikolic

Named successor executor two days before the death — without being consulted.

Read the profile →