Cecil Harvell and Wes Collins discussed the administration of an estate, emphasizing the importance of locating the original will and the role of the executor in managing the estate's assets and liabilities. They highlighted the necessity of opening an estate for any legal proceedings and the accountability required from the executor, including filing inventories and accountings with the court. The conversation also addressed the potential for an executor to resign and the involvement of public administrators when no executor is available.

Administration of an Estate

• The administration of an estate begins when someone passes away, requiring the filing of a will and opening of an estate to marshal assets, pay bills, and distribute them to heirs. [01:00]

• The importance of locating the original will is emphasized, as disputes can arise if only a photocopy is available. [02:00]

Importance of the Original Will

• The original will must be kept in a safe place, and its absence can lead to litigation over its validity. [03:00]

• Executors named in the will must file the original document with the clerk of court to officially open the estate and receive letters testamentary, which serve as proof of their authority. [04:00]

Legal Standing and Litigation

• An estate must be opened to pursue any litigation, such as wrongful death claims. Without this, individuals lack the authority to proceed legally. [05:00]

• The estate is treated as a separate entity, and it does not exist until the clerk of court formally opens it. [06:00]

Time Limits and Responsibilities

• There is no strict time limit for opening an estate, but it is typically done within 30 to 60 days after death. [07:00]

• If an estate is not opened, issues may arise later when trying to access assets or settle debts. [08:00]

Executor Responsibilities and Accountability

• The executor is responsible for managing the estate, including paying debts and filing necessary documents with the court. [09:00]

• The law provides mechanisms for accountability, requiring executors to file inventories and accountings, with potential legal consequences for non-compliance. [10:00]

Executor's Expenses

• Executors are not personally liable for estate expenses; these costs are paid from the estate's assets before distribution to heirs. [11:00]

• Professional fees for legal and accounting services can be covered by the estate, encouraging executors to seek help. [12:00]

Resignation of Executor

• An executor can resign if they do not wish to qualify or if circumstances change, but this requires court approval. [13:00]

• If an executor is unable to fulfill their duties, they must petition the court to be removed and have a successor appointed. [14:00]

Appointment of Third Parties

• A bank or attorney can serve as an executor if named in the will, but a public administrator may be appointed by the court if no executor is available. [15:00]

• The law ensures that estates are managed properly, even if a designated executor cannot fulfill their role. [16:00]