In his will, Kleban established the Kleban Foundation which grants annual awards, each in the amount of $100,000 over two years, to the most promising librettist and lyricist in American musical theatre. The awards are administered by BMI. His will also granted rights to his collection of unpublished songs to friends Avery Corman and Wendy Wasserstein with the request that they incorporate them into a new musical. Their attempts failed and the rights reverted to Kleban's longtime companion, librettist Linda Kline. Kline sought someone who did not know or work with Kleban, but who would learn about him through the material. She admired previous work of Lonny Price and sought him as a collaborator.
After six years of work, with Price and Kline as co-authors, Price directed and played the role of Ed in A Class Act, a musical biography of Kleban with a score consisting of songs he wrote for numerous unproduced musicals. After a two-month run at the Manhattan Theatre Club, it transferred to the Ambassador Theatre on March 10, 2001 and ran for three additional months. Almost 14 years after his death, Kleban earned a Tony Award nomination for Best Original Score and Drama Desk nominations for Outstanding Music and Outstanding Lyrics.