In Florida probate, the personal representative must file a verified inventory of the estate’s assets within 60 days after letters of administration are issued, and must later submit a detailed accounting of everything that came into and left the estate before the case can close. The inventory is a snapshot of what the decedent owned at death; the accounting is the running story of how those assets were managed, spent, and distributed. Both are governed by the Florida Probate Code (Chapter 733) and the Florida Probate Rules, and both exist to protect the people who stand to inherit.
That protection matters most when there is no will. In an intestate estate, the law, not the decedent, decides who inherits, and the heirs are often relatives who had no role in the decedent’s financial life and no idea what the estate actually holds. The inventory and accounting are frequently the only windows those heirs get. At our Palm Beach probate practice, we spend a great deal of time making sure those windows are clean and complete.
What the Florida Probate Inventory Is and When It Is Due
Section 733.604 of the Florida Statutes requires the personal representative to file an inventory listing the estate’s property in reasonable detail. For each item, the inventory must state its estimated fair market value as of the decedent’s date of death, not its value today and not what the decedent paid for it years ago. That date-of-death valuation is the baseline everything else is measured against.
The deadline is firm: within 60 days after issuance of letters of administration. Letters are the court order that gives the personal representative legal authority to act, so the clock starts when authority begins, not when the petition was filed. A curator or a successor representative who inherits the role from someone who already filed is generally relieved of repeating the duty, but the original appointee gets no grace period for being busy or grief-stricken.
What Belongs on the Inventory
The inventory covers probate assets, the property that passes through the estate rather than by beneficiary designation or survivorship. Typical entries include:
- Real property titled solely in the decedent’s name, listed by legal description and fair market value;
- Bank and brokerage accounts without a payable-on-death or transfer-on-death designation;
- Vehicles, boats, and titled personal property;
- Business interests, partnership shares, and closely held stock;
- Tangible personal property of meaningful value, such as jewelry, art, and collections;
- Debts owed to the decedent and other claims the estate can collect.
Assets that pass outside probate, life insurance with a named beneficiary, IRAs and 401(k)s with designations, joint accounts with right of survivorship, generally do not belong on the inventory because they never become estate property. The exception that trips people up is Florida homestead. Whether protected homestead is listed, and how, depends on the facts; it is often described separately because it usually descends outside the reach of creditors and is not a general estate asset.
Who Gets to See the Inventory
Florida treats the inventory as confidential. Under section 733.604, it is not part of the open court file available to the public. It may be inspected by the clerk, the personal representative and the attorney, and other interested persons, which in an intestate estate means the heirs entitled to a share. If you are an intestate heir and have not been served with the inventory, you are entitled to request it, and the representative is obligated to provide it. Beneficiaries can also demand an updated or supplementary inventory if assets surface later or values were wrong.
The Personal Representative’s Duty Behind the Paperwork
The inventory and accounting are not bureaucratic box-checking. They flow from section 733.602, which makes the personal representative a fiduciary held to the same standard of care as a trustee. The representative must settle and distribute the estate as expeditiously and efficiently as is consistent with the best interests of the estate, and must act for the benefit of all interested persons, including creditors.
That fiduciary standard is the reason an heir who suspects mismanagement has real leverage. A representative who undervalues an asset, omits property, commingles estate funds with personal funds, or pays themselves before the numbers are documented is exposed to a surcharge action, removal, and personal liability. The accounting is where those problems usually become visible, which is exactly why some representatives are reluctant to prepare a thorough one and why heirs should insist on it.
Estate Accounting Requirements Under Florida Probate Rule 5.346
The format of a Florida estate accounting is dictated by Florida Probate Rule 5.346. An accounting that substantially conforms to the model in that rule is a structured financial report, not a casual summary. It is built from a Summary and a set of supporting schedules:
- Summary — starting assets (per the inventory or the close of the last accounting period), total receipts, total disbursements, distributions, and assets on hand at the end of the period.
- Schedule A — Receipts: every dollar that came in, with dates and sources, separating income from principal.
- Schedule B — Disbursements: every dollar paid out, with dates and payees.
- Schedule C — Distributions: what has been distributed to heirs or beneficiaries.
- Schedule D — Capital Transactions and Adjustments: gains, losses, and changes in carrying value, such as the sale of a house for more or less than its inventory value.
- Assets on Hand: what remains, reconciled back to the inventory so the math closes.
The accounting must be verified, meaning the personal representative signs it under oath. Separating principal from income matters when different people have different interests, and reconciling carrying values back to the inventory is what allows an heir to follow a single asset from death to distribution. A house listed at $450,000 on the inventory that sold for $470,000 should appear as a gain on Schedule D, not quietly vanish.
Interim vs. Final Accountings
Most estates produce one accounting: the final accounting filed with the petition for discharge as the case wraps up. Longer or more complex administrations, those that span years, hold a business, or litigate claims, may file interim accountings along the way. An interim accounting reassures heirs that the estate is being managed and lets the court address problems before they compound. The final accounting under Rule 5.400 must itemize all receipts and disbursements, disclose distributions made and proposed, and set out the plan for final distribution along with proposed fees for the representative and the attorneys.
How Intestate Heirs Should Read and Use the Accounting
When there is no will, the people receiving the accounting are usually the ones with the most at stake and the least information. Florida’s intestacy statutes (sections 732.101 through 732.103) fix the shares, but those shares are only as good as the assets the accounting actually captures. If you are an intestate heir, focus on a few things.
First, compare the inventory to the accounting. The starting figure on the accounting Summary should match the inventory. If it does not, ask why. Second, scrutinize the disbursements. Reasonable administration costs, valid creditor claims, taxes, and court-approved fees are legitimate; vague payments, payments to the representative, or expenses with no apparent connection to the estate deserve questions. Third, watch the timeline. A representative who waits a year to file an inventory or who resists producing an accounting is often hiding a problem, and that pattern itself can support removal.
You are not powerless. An interested person may file written objections to a final accounting, and the rules give a window, typically 30 days from service, to do so. An objection forces a hearing where the representative must defend the numbers. We have used that mechanism in Palm Beach estates to recover undervalued assets and reverse improper distributions before the case closed. For families weighing whether the estate is being handled correctly, our overview of how Florida probate works is a useful starting point, and our contact page is the fastest way to get a review of an accounting you do not trust.
Why These Requirements Exist, and How They Compare Across States
The inventory-and-accounting framework is the accountability spine of probate everywhere, though the mechanics differ by state. Florida’s confidentiality rule for inventories, for example, is narrower than the open-record approach in some jurisdictions. New York, where estate disputes are common, has its own contested-accounting and will-challenge procedures; if your matter touches both states, or you are comparing how a will fight unfolds, Morgan Legal Group’s explanation of and its broader guide to are good companions to the Florida rules above. For Florida-specific representation, Morgan Legal’s handles these accountings as part of full estate administration.
The common thread is simple. A personal representative holds other people’s money and property, often the property of relatives who never agreed to that arrangement because the decedent left no will. The inventory says what was there. The accounting says what happened to it. When both are done right, the estate closes cleanly and the heirs receive what the law intends. When they are done poorly, those same documents become the roadmap for getting it fixed.
Frequently Asked Questions
When must the inventory be filed in a Florida probate case?
The personal representative must file a verified inventory within 60 days after letters of administration are issued, under section 733.604 of the Florida Statutes. The inventory must list the estate’s probate property in reasonable detail with each item’s fair market value as of the decedent’s date of death.
Can heirs in an intestate estate see the inventory and accounting?
Yes. The inventory is confidential under section 733.604 but may be inspected by interested persons, which in an intestate estate means the heirs entitled to a share. Those heirs are also entitled to the accounting and can demand a supplementary inventory if assets surface later or values appear wrong.
What does a Florida estate accounting have to include?
Under Florida Probate Rule 5.346, the accounting includes a Summary plus Schedules covering receipts, disbursements, distributions, and capital transactions, with principal separated from income and assets on hand reconciled back to the inventory. The personal representative must verify it under oath.
What can I do if I think the accounting is wrong?
An interested person may file written objections to a final accounting, generally within 30 days of service, which forces a hearing where the personal representative must defend the numbers. If the representative undervalued, omitted, or mishandled assets, you may also pursue a surcharge action or removal.
What is the difference between the inventory and the accounting?
The inventory is a snapshot of what the decedent owned at death, valued as of the date of death. The accounting is the ongoing record of every dollar that came into and left the estate during administration, ending with what remains for distribution. The accounting’s starting figure should match the inventory.
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For more on our Florida practice, see our overview of Florida probate administration. Morgan Legal Group's affiliated New York office also handles .
