In Florida probate, the personal representative must prepare a verified inventory of the decedent’s assets and, in most formal administrations, a final accounting showing every dollar that came in and went out of the estate. The inventory is generally due within 60 days of the issuance of letters of administration, and the accounting must be served before the estate can close. Together, these documents are the financial backbone of the case — they tell the court and the beneficiaries exactly what the estate held and what happened to it.
I’ve handled enough contested estates to tell you that this is where most fights start. A vague inventory or a sloppy accounting is an invitation to litigation, especially when a case has already passed through a contested guardianship before the ward died. Below is a practical walk-through of what Florida law actually requires, when it’s due, and what beneficiaries can do when the numbers don’t add up.
What Is an Estate Inventory in Florida Probate?
The inventory is a sworn list of all the property the decedent owned at death that is subject to probate administration. Under Florida Statutes § 733.604 and Florida Probate Rule 5.340, the personal representative must file a verified inventory describing the estate assets with reasonable detail and stating the estimated fair market value of each item as of the date of death.
That last phrase matters. Value is measured as of the date of death — not what an asset is worth today, and not what someone paid for it years ago. For a brokerage account, that’s the closing balance on the date the decedent passed. For real property, it’s a date-of-death appraisal or, at minimum, a defensible estimate.
The inventory typically covers:
- Real property located in Florida (out-of-state real estate may require ancillary administration elsewhere).
- Bank and brokerage accounts titled in the decedent’s sole name without a payable-on-death or transfer-on-death designation.
- Vehicles, boats, and titled personal property.
- Tangible personal property — furniture, jewelry, collectibles, household goods.
- Business interests, such as shares in a closely held company or an LLC membership interest.
- Promissory notes and receivables owed to the decedent.
Notably, the inventory generally lists probate assets. Property that passes outside probate — jointly held accounts with rights of survivorship, life insurance with a named beneficiary, retirement accounts, and assets held in a revocable living trust — usually does not belong on the probate inventory, though they may still matter for tax and homestead analysis.
The Homestead Wrinkle
Florida’s constitutional homestead protection is its own beast. The decedent’s homestead often is not a probate asset because it passes directly to heirs under the Florida Constitution, Article X, Section 4. But practitioners frequently list it on a separate schedule or seek a court order determining homestead status under Rule 5.405. Getting this wrong — treating protected homestead as a general estate asset available to creditors — is one of the most common and costly mistakes I see.
When Is the Inventory Due?
Under Florida Probate Rule 5.340(a), the personal representative must file the inventory within 60 days after the letters of administration are issued. The inventory is served on the surviving spouse, each heir at law in an intestate estate, each residuary beneficiary in a testate estate, and any other interested person who requests it in writing.
If assets are later discovered, Rule 5.340(d) requires a supplementary or amended inventory. You do not get to file once and forget about it. When a stale safe-deposit box turns up or a forgotten annuity surfaces, the personal representative has an ongoing duty to update the record.
Estate Accounting Requirements: What the Personal Representative Must Show
The accounting is the second pillar. While the inventory is a snapshot at death, the accounting is the full motion picture of estate administration. Under Florida Statutes § 733.602, the personal representative is a fiduciary who must settle and distribute the estate as expeditiously and efficiently as is consistent with the best interests of the estate. The accounting is how that fiduciary proves it did its job.
Florida Probate Rule 5.346 governs the form. A proper fiduciary accounting must include:
- A statement of all assets at the beginning of the accounting period (carried over from the inventory or prior accounting).
- All receipts — dividends, interest, rents, refunds, sale proceeds, and any other money coming into the estate.
- All disbursements — funeral expenses, administration costs, attorney’s and personal representative’s fees, taxes, and payments to creditors.
- All distributions to beneficiaries.
- Any gains or losses on the sale of estate property.
- The assets on hand at the end of the period.
The accounting must reflect, for each transaction, the date, the source or purpose, and the amount. Florida’s rule requires that it be presented in a manner that is understandable to persons who are not familiar with accounting practices — a standard that quietly defeats many do-it-yourself filings.
Final Accounting and Closing the Estate
Before a formal administration closes, the personal representative serves a final accounting together with a plan of distribution, as contemplated by Florida Statutes § 733.901 and Rule 5.400. Interested persons have 30 days after service to object. If no one objects and the assets are distributed, the personal representative petitions for discharge and the court relieves the fiduciary of further responsibility.
Beneficiaries can waive the formal accounting in writing, and in cooperative families they often do. But a waiver is exactly that — a waiver of valuable rights. I rarely advise a beneficiary to sign one without first seeing at least an informal summary of the numbers.
Why Guardianship-to-Probate Transitions Make Accounting Harder
This firm focuses on contested matters that begin in guardianship and end in probate, and that transition deserves special attention. When a person dies after years under a guardianship, the financial trail crosses two different sets of records: the guardian’s annual accountings filed under Florida Statutes Chapter 744, and the personal representative’s probate inventory and accounting under Chapter 733.
Problems arise when the closing guardianship balance doesn’t match the opening probate inventory. Where did the money go in the gap between the ward’s last guardianship accounting and the date of death? Were there unauthorized transfers, gifts, or “loans” to family members during the incapacity? A careful probate accounting can expose breaches that occurred during the guardianship — and the guardian’s final report under § 744.527 should reconcile against the estate’s opening figures. When those numbers diverge, surcharge actions and removal petitions often follow.
If you are stepping into one of these cases, it is worth understanding the broader landscape of disputes that arise. Morgan Legal’s overview of walks through many of the same fault lines we see in Florida estates, and their discussion of is a useful primer on the litigation posture that frequently accompanies a contested accounting.
How Beneficiaries Object to an Inventory or Accounting
Receiving an inventory or accounting is not a passive event. Beneficiaries have real leverage, and the statutes set short clocks.
- Demand backup documentation. An interested person may request the documents on which an inventory is based, and the personal representative must provide them under Rule 5.340(c).
- File timely objections. Objections to a final accounting must be filed within 30 days of service and must state the specific items and grounds. A general “I object” is not enough.
- Seek a surcharge. If the accounting reveals losses caused by a breach of fiduciary duty — self-dealing, neglect, unauthorized fees — beneficiaries can pursue a surcharge to recover the loss personally from the personal representative.
- Petition for removal. Under Florida Statutes § 733.504, grounds such as mismanagement, failure to account, or waste of estate assets can justify removing the personal representative.
Timing is everything. Miss the 30-day window on a final accounting and you may forfeit the right to challenge specific entries. If you suspect something is wrong, the time to act is when the document lands, not after distribution.
Practical Tips for Personal Representatives
If you are serving as a personal representative, a few habits will keep you out of trouble:
- Open a dedicated estate bank account immediately and run every transaction through it. Never commingle estate funds with your own.
- Keep contemporaneous records and receipts. Reconstructing an accounting from memory two years later is a recipe for objections.
- Get date-of-death valuations in writing — appraisals for real estate and unique tangibles, account statements for financial assets.
- Do not distribute assets prematurely. Creditor claims under the three-month claims window in Florida Statutes § 733.702 can come back to bite a representative who paid out too soon.
- Engage counsel. Florida formal administration effectively requires an attorney, and good counsel will keep your inventory and accounting defensible.
For estates with Florida real property or local complications, our team handles these matters directly — you can learn more about our approach to , and if you are weighing whether an asset even belongs in probate, our pages on wills and estate planning and the broader Florida probate process are good starting points. When you’re ready to talk specifics, reach out to our office for a confidential review.
The Bottom Line
The inventory and the accounting are not bureaucratic box-checking. They are the documents that protect beneficiaries from a careless or dishonest fiduciary and protect honest personal representatives from unfounded accusations. In Florida, the 60-day inventory deadline and the 30-day objection window are the rhythm of the case. Whether you’re the one preparing these documents or the one scrutinizing them, getting the numbers right — and on time — is the difference between a clean closing and years of litigation.
Frequently Asked Questions
When is the estate inventory due in Florida probate?
Under Florida Probate Rule 5.340(a), the personal representative must file a verified inventory within 60 days after letters of administration are issued. It lists each probate asset with reasonable detail and its estimated fair market value as of the date of death. If new assets are later discovered, a supplementary or amended inventory must be filed.
What must a Florida estate accounting include?
Under Florida Probate Rule 5.346, a fiduciary accounting must show the assets at the start of the period, all receipts, all disbursements, all distributions to beneficiaries, any gains or losses on sales, and the assets remaining on hand at the end. Each entry must state the date, purpose, and amount, presented so non-accountants can understand it.
Can beneficiaries object to the personal representative's accounting?
Yes. Objections to a final accounting must be filed within 30 days of service and must identify the specific items and grounds. Beneficiaries may also demand the backup documents, pursue a surcharge for losses caused by a breach of fiduciary duty, or petition to remove the personal representative under Florida Statutes Section 733.504.
Does the inventory include assets that pass outside probate?
Generally no. The probate inventory lists only probate assets. Jointly held survivorship accounts, payable-on-death and transfer-on-death accounts, life insurance with a named beneficiary, retirement accounts, and assets in a revocable trust usually pass outside probate. Florida homestead is often handled on a separate schedule because it typically passes by constitutional right rather than as a general estate asset.
How does a prior guardianship affect the probate accounting?
When someone dies after years under a guardianship, the guardian’s final accounting under Florida Statutes Chapter 744 should reconcile against the estate’s opening probate inventory under Chapter 733. Discrepancies between the closing guardianship balance and the opening estate figures can reveal unauthorized transfers or breaches, often leading to surcharge or removal actions.
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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 .
