In Florida probate, the inventory and the accounting are the two financial documents that turn a death into a settled estate. The inventory is a sworn snapshot of everything the decedent owned at death and what it was worth; the accounting is the running ledger of what the personal representative did with that property afterward. Together they let the court, the heirs, and the creditors see that the estate was administered honestly and in full.
I practice probate here in Miami, and these two filings are where most of my early conversations with a personal representative actually happen. People expect probate to be about wills and courtrooms. In practice, the day-to-day work is bookkeeping with consequences. Get the inventory and accounting right and the case closes quietly. Get them wrong, or skip them, and you invite objections, surcharge claims, and sometimes removal.
What the Florida estate inventory is and when it is due
The inventory is governed by Florida Statute 733.604 and Florida Probate Rule 5.340. Within 60 days after the issuance of Letters of Administration, the personal representative must file an inventory listing the decedent’s property with reasonable detail, and stating, for each item, its estimated fair market value at the date of death. Note the date: not today’s value, not the purchase price, but value as of the day the person died. That single rule trips up more first-time representatives than any other.
A few practical points that the statute implies but does not spell out:
- Only probate assets belong on the inventory. A jointly titled bank account with rights of survivorship, a life insurance policy with a named beneficiary, or a “pay-on-death” brokerage account passes outside probate and is not listed. Homestead is described, but it occupies a special category and is often noted separately because of its constitutional protections.
- “Reasonable detail” is a real standard. “Miscellaneous household goods, $5,000” invites scrutiny. Listing a 2019 vehicle by VIN, a specific brokerage account by the last four digits, and real property by legal description is what the court and the beneficiaries expect.
- Values often need backup. Real estate usually warrants an appraisal or a broker’s price opinion. Closely held business interests and unusual personal property may require a qualified valuation. The number on the inventory is the baseline against which every later transaction is measured.
If 60 days is not enough — and with out-of-state assets, a business, or an uncooperative bank, it frequently is not — Florida Probate Rule 5.340 allows the representative to petition the court to extend the time for filing. Ask for the extension before the deadline passes, not after.
Who can see the inventory, and a privacy note
Section 733.604 also addresses confidentiality. The inventory and any accountings are served on interested persons but are treated as exempt from Florida’s public records disclosure laws, so the dollar figures do not become a freely searchable public document. Beneficiaries and other interested persons are entitled to a copy on request — the privacy protection runs against the general public, not against the people with a stake in the estate.
The estate accounting: tracking the money after death
If the inventory is a photograph, the accounting is the movie. Florida Probate Rule 5.346 governs fiduciary accountings, and it is more demanding than most people assume. A proper accounting is not a bank statement and not a spreadsheet of withdrawals. It must include:
- A statement of all cash and property transactions since the last accounting, or since the start of administration if this is the first one.
- A schedule of assets on hand at the end of the accounting period.
- Separate treatment of principal and income, with each asset’s carrying value reconciled back to the inventory.
That reconciliation requirement is the quiet heart of the whole system. The closing value on the inventory becomes the opening value on the accounting. Every sale is shown at its inventory carrying value and its actual sale proceeds, so a gain or loss is visible. Every disbursement is documented. When the math is done, the assets remaining must equal the assets received, minus what was spent and distributed. If those numbers do not tie out, an experienced probate judge or a beneficiary’s attorney will notice immediately.
Final accounting and petition for discharge
Most Florida formal administrations end with a final accounting paired with a petition for discharge, served on every interested person under Florida Probate Rule 5.400. As a working benchmark, the representative is generally expected to be in a position to file these within roughly twelve months of the letters being issued, though the court can and routinely does extend that timeline when litigation, tax issues, or a difficult asset gets in the way.
Service matters as much as content. Interested persons receive the final accounting and the plan of distribution, and they have a defined window to object. If no one objects within the time allowed, the objections are generally waived and the court can discharge the personal representative. That discharge is the goal — it releases the representative from further liability for the administration.
How intestate estates change the accounting picture
When someone dies without a valid will — intestate — the inventory and accounting carry extra weight, because there is no document naming who gets what. Distribution is dictated by Florida’s intestate succession statutes (Fla. Stat. 732.101–732.111), and the share each heir receives is calculated from the very numbers in these filings.
In a no-will estate I tell heirs to read the inventory closely, because it is effectively the menu from which their statutory shares are served. A surviving spouse’s share, a child’s share, the division among siblings or more distant relatives — all of it is computed against the inventoried estate. If an asset is undervalued or omitted, an heir’s share shrinks without anyone obviously doing anything wrong. That is why, in intestate cases especially, the accuracy of these documents is not a formality. It is the difference between heirs being treated fairly and being quietly shortchanged.
It is also why disputes in no-will estates so often cluster around the financial filings rather than the validity of a document. There is no will to contest, so the fight, when there is one, is usually about whether the inventory was complete and whether the accounting was honest. (When there is a will, the dynamics differ; for context on document-based disputes, Morgan Legal’s New York team has a useful overview of , and the principle that financial transparency defuses litigation travels well across state lines.)
What happens when the inventory or accounting is wrong
The personal representative is a fiduciary. Florida law (Fla. Stat. 733.609) holds the representative personally liable for breaches of fiduciary duty, including losses caused by mishandling estate property. A defective inventory or accounting is the usual evidence in that kind of dispute. Beneficiaries who suspect a problem can:
- Object to the accounting within the time set by the rules, forcing the representative to justify specific entries.
- Demand a more detailed or amended inventory if assets appear missing or undervalued.
- Petition to compel a representative who simply has not filed, or to remove one who refuses.
- Seek a surcharge — a court order making the representative repay the estate for losses caused by misconduct or negligence.
From the representative’s side, the defense is almost always the same: clean records. Keep estate funds in a dedicated estate account, never commingled with personal money. Save every receipt. Document the reason for every disbursement. A representative who can produce a reconciled, itemized accounting rarely loses these fights, because the document itself is the proof of good faith.
Coordinating Florida and out-of-state assets
Miami estates are rarely tidy. A decedent may have a condo on Brickell, a brokerage account managed in another state, and family up north. When property sits outside Florida, the home-state probate may need an ancillary administration, and the assets and transactions in that proceeding still have to be reflected coherently in the Florida filings. For families with a New York footprint, it helps to understand how the other jurisdiction approaches the same problem — Morgan Legal’s explanation of is a clear starting point, and our colleagues at handle the in-state side. The principle holds everywhere: the inventory and accounting must capture the full estate, wherever the property happens to sit.
Practical takeaways for personal representatives
If you have just been appointed, do three things in the first two months. Open a dedicated estate bank account. Build the inventory carefully, with date-of-death values and supporting appraisals where the asset warrants it. And start your accounting ledger on day one — not at the end — because reconstructing a year of transactions from memory is how good representatives end up looking careless. Most of the trouble I see in Florida probate is not theft. It is sloppiness, and sloppiness is entirely avoidable.
If you are an heir or beneficiary, read what you are served. You are entitled to a copy of the inventory and the accounting, and in an intestate estate those documents define your share. Questions asked early are routine; questions asked after distribution are litigation.
For tailored guidance on a specific estate, our team can help — see our Florida probate overview or contact us to discuss your situation. If you also need to understand how estate planning could have changed the outcome, our wills resources explain the alternative to dying intestate.
Frequently Asked Questions
How long does a personal representative have to file the inventory in Florida?
Under Florida Statute 733.604 and Probate Rule 5.340, the personal representative must file the estate inventory within 60 days after Letters of Administration are issued. The inventory lists each probate asset with reasonable detail and its fair market value as of the date of death. If more time is needed, the representative can petition the court for an extension under Rule 5.340 before the deadline expires.
What is the difference between an inventory and an accounting in Florida probate?
The inventory is a one-time, sworn snapshot of the estate’s probate assets and their date-of-death values. The accounting, governed by Florida Probate Rule 5.346, is the ongoing record of every cash and property transaction during administration, plus a schedule of remaining assets. The accounting reconciles back to the inventory, so the two documents work together to show that the estate was handled completely and honestly.
Are Florida probate inventories and accountings public record?
No. Under Section 733.604, the inventory and accountings are treated as exempt from Florida’s public records disclosure laws, so the dollar figures are not freely searchable by the general public. However, interested persons such as beneficiaries and heirs are entitled to receive copies, and the final accounting must be served on them under Rule 5.400.
Why do inventory and accounting accuracy matter more in intestate (no-will) estates?
When there is no will, Florida’s intestate succession statutes (Fla. Stat. 732.101–732.111) determine each heir’s share, and those shares are calculated directly from the inventoried estate. If an asset is omitted or undervalued, an heir’s statutory share shrinks. Because there is no document to contest, disputes in no-will estates usually focus on whether the inventory was complete and the accounting was honest.
What can a beneficiary do if they think the accounting is wrong?
A beneficiary can file a formal objection to the accounting within the time set by the rules, demand an amended or more detailed inventory, petition to compel a representative who has not filed, or seek a surcharge ordering the representative to repay losses caused by misconduct or negligence. Because the personal representative is a fiduciary under Fla. Stat. 733.609, a defective accounting is often the central evidence in these disputes.
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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 .
