In Florida probate, the personal representative must file a verified inventory of the decedent’s assets and, in most formal administrations, provide a final estate accounting that shows every dollar that came in, went out, and remains for the beneficiaries. The inventory documents what the estate owns as of the date of death; the accounting documents what the personal representative did with it. Together they are the financial backbone of a Florida estate, and they are the first place a beneficiary should look when something feels wrong.
If you are a beneficiary who suspects a sibling-trustee is hiding assets, or a personal representative trying to do everything correctly so you are never accused of self-dealing, this guide explains exactly what Florida law requires, when it is due, and what you can demand.
What is an estate inventory in Florida probate?
The inventory is a sworn list of all property the decedent owned at death that is subject to probate administration, together with each asset’s estimated fair market value as of the date of death. It is governed by Florida Statute §733.604 and Florida Probate Rule 5.340.
The personal representative signs it under oath. That signature matters. An inventory is not a casual spreadsheet; it is a verified court filing, and material omissions can expose the personal representative to surcharge, removal, and in egregious cases a referral that smells a lot like fraud.
What goes on the inventory
- Real property located in Florida, with legal descriptions and date-of-death values.
- Bank and brokerage accounts titled in the decedent’s sole name without a payable-on-death or joint owner.
- Vehicles, boats, and tangible personal property — jewelry, art, furnishings, collections.
- Business interests, closely held shares, and partnership stakes.
- Promissory notes and receivables owed to the decedent.
- Homestead property, which is listed but flagged separately because protected homestead generally passes outside the reach of most creditors and is not a probate asset in the ordinary sense.
What usually stays off it
Non-probate assets do not belong on the inventory because the personal representative has no authority over them. These typically include life insurance with a named beneficiary, retirement accounts with valid beneficiary designations, payable-on-death and transfer-on-death accounts, and property held as joint tenants with right of survivorship or as tenants by the entireties between spouses. A frequent source of family conflict is a personal representative who quietly treats a contested joint account as their own; whether that account was truly a survivorship asset or merely a convenience account is a fact question that has launched countless disputes.
When is the Florida probate inventory due?
Under Probate Rule 5.340, the personal representative must serve the inventory within 60 days after issuance of letters of administration. Letters are the court order that formally empowers the personal representative to act, so the clock starts when they are appointed, not when the person died.
The inventory is served on the Department of Revenue (in limited circumstances), the surviving spouse, each heir or beneficiary, and any other interested person who requests it in writing. Note a practical point that surprises many families: in many counties the detailed inventory is not automatically filed in the public court file, precisely to protect financial privacy. Beneficiaries are entitled to receive it, but you may have to ask.
Supplemental and amended inventories
Estates are rarely static. If a forgotten account surfaces or an appraisal comes back materially different, the personal representative must file an amended or supplemental inventory. A beneficiary who learns of an asset that never appeared can also petition the court to compel one.
The estate accounting: what the personal representative must show
If the inventory is the opening balance, the accounting is the full ledger. Governed by Florida Statute §733.602 (the personal representative’s fiduciary duty) and Probate Rule 5.346, a Florida estate accounting must lay out the financial story of the administration in a standardized format.
A compliant accounting generally contains:
- A statement of assets at their inventory value (the starting point).
- All receipts — income, dividends, interest, rent, refunds, sale proceeds.
- All disbursements — debts paid, taxes, funeral expenses, attorney’s and personal representative’s fees, costs of administration.
- All distributions already made to beneficiaries.
- Any gains or losses on the sale of estate assets.
- The assets on hand at the end of the accounting period, reconciled to the penny.
Rule 5.346 requires the accounting to separate principal from income and to show enough detail that a beneficiary can actually follow the money. A one-line summary that says “expenses: $84,000” is not an accounting; it is a hope that nobody looks closely. Beneficiaries are entitled to look closely.
The final accounting and the petition for discharge
Before the estate closes, the personal representative files a final accounting along with a petition for discharge and a plan of distribution. This is served on every residuary beneficiary. Once served, you have a defined window — generally 30 days — to file written objections to any item, to the fees, or to the proposed distribution. Miss that deadline and you may be deemed to have consented. This is the single most important date in the entire administration for a beneficiary who suspects a problem, and it is the one most often missed because the documents arrive looking routine.
Waiving the accounting — and why you should think twice
Florida allows the beneficiaries to waive the formal accounting in writing. In a harmonious family with a simple estate, a waiver saves time and money, and there is nothing wrong with that. But a waiver is exactly what a personal representative who has something to hide will press hard to obtain, often packaged with a quick partial distribution and a friendly “let’s not run up the legal bills” pitch.
Once you sign a waiver and a receipt and release, unwinding it is difficult. If anything about the administration has felt opaque — vague answers, missing statements, sales to insiders, a house that sold below market to a cousin — do not waive. Demand the full accounting first. You can always approve it afterward; you cannot easily reclaim the right after you have given it up.
What a beneficiary can demand
Florida’s fiduciary framework gives beneficiaries real leverage. As an interested person you generally have the right to:
- Receive the inventory within the statutory window, and request it in writing if it was not automatically served.
- Demand a formal accounting, even an interim one in a lengthy administration, when you have reasonable concern.
- Petition to compel an inventory or accounting if the personal representative stalls — courts can order production and award fees.
- Object to specific line items, fees, or the plan of distribution within the objection period.
- Seek surcharge or removal under the personal representative’s duties in §733.602 and the removal grounds in §733.504 when the numbers reveal waste, self-dealing, or breach.
These rights are the practical bridge between a suspicion and a remedy. An accounting that does not reconcile is not just a paperwork problem; it is evidence.
Red flags that an inventory or accounting is hiding a problem
Will contests and breach claims often start with a number that does not add up. Watch for:
- Assets you know existed but cannot find on the inventory — a brokerage account, a coin collection, a second vehicle.
- Date-of-death values that look suspiciously low, especially on real estate or a closely held business that was later “sold” to a family insider.
- Large or round-number disbursements with no invoice or explanation.
- Personal representative or attorney fees that dwarf the complexity of the estate.
- Distributions that do not track the will — one beneficiary advanced cash while others wait.
- Refusal to produce backup — bank statements, closing documents, appraisals — after a reasonable written request.
Any one of these may have an innocent explanation. Two or three together, paired with stonewalling, is the profile of a case that belongs in front of a judge. The financial irregularities that surface in an accounting frequently become the strongest exhibits in a related will challenge or breach-of-fiduciary-duty action.
How accounting disputes connect to will contests
Families rarely fight about probate accounting in a vacuum. The same dynamics that produce a slanted inventory — an heir who controlled the decedent’s finances late in life, an isolated parent, a last-minute change in the estate plan — are the dynamics that produce contested wills. When you see assets disappearing into a fiduciary’s pocket, the next question is usually whether the will itself reflects the decedent’s true wishes or the influence of the person now holding the checkbook.
Because Florida and New York probate procedures share these fiduciary fundamentals, the analysis often rhymes across state lines. Our colleagues at Morgan Legal frequently address the and the specific mechanics of , and the warning signs translate well to a Florida courtroom. For Florida-specific representation, the firm’s handles these accounting and inventory fights directly.
Practical advice for personal representatives
If you are the personal representative, the inventory and accounting are your protection, not just your obligation. Keep contemporaneous records, obtain real appraisals for anything of uncertain value, never commingle estate funds with your own, and document the basis for every fee you take. A clean, detailed accounting is the cheapest insurance you can buy against a surcharge claim. When in doubt, over-disclose. Beneficiaries forgive transparency; they litigate over silence. If you are unsure how to value a closely held asset or whether an item belongs on the probate inventory, get counsel before you file rather than after you are accused.
When to call a Florida probate attorney
You should speak with a probate litigator if the inventory omits assets you know about, if the accounting does not reconcile, if you are being pressured to waive your rights or sign a release before you understand the numbers, or if the objection deadline on a final accounting is approaching. These windows are short and unforgiving. Getting eyes on the documents early is the difference between approving an honest administration and discovering, too late, that you released claims worth more than the inheritance you received. If you have concerns about an estate in South Florida, reach out to our team before the next deadline passes.
Frequently Asked Questions
How long does a personal representative have to file the inventory in Florida?
Under Florida Probate Rule 5.340, the personal representative must serve a verified inventory within 60 days after letters of administration are issued. The clock starts at appointment, not at the date of death, and the inventory must list each probate asset at its fair market value as of the date of death.
Can a beneficiary force the personal representative to provide an accounting?
Yes. An interested person can demand a formal accounting and, if the personal representative refuses or delays, petition the court to compel one under Florida Statute §733.602 and Probate Rule 5.346. The court can order production and may award fees. Beneficiaries can also object to specific items in a final accounting, generally within 30 days of service.
What is the difference between the inventory and the accounting?
The inventory is a snapshot of what the decedent owned at death and its value — the opening balance. The accounting is the full ledger showing all receipts, disbursements, distributions, gains, losses, and the assets remaining at the end. The inventory shows what the estate owns; the accounting shows what the personal representative did with it.
Should I waive the formal accounting?
Only if you trust the personal representative and the estate is simple. A waiver is hard to undo once paired with a receipt and release. If anything has felt opaque — missing assets, vague answers, sales to insiders, or unusual fees — do not waive. Demand the full accounting first; you can always approve it afterward, but you cannot easily reclaim the right later.
What are the warning signs of a problem in a Florida estate accounting?
Common red flags include assets you know existed but cannot find on the inventory, suspiciously low date-of-death values, large round-number disbursements with no documentation, fees that dwarf the estate’s complexity, distributions that do not match the will, and refusal to produce bank statements or appraisals after a reasonable written request.
Have a question about your estate?
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For more on our Florida practice, see our overview of probate and estate administration in Florida. Morgan Legal Group's affiliated New York office also handles .
