Florida Probate Accounting: Requirements, Deadlines, and How to Prepare

Florida probate accounting requires the personal representative to document every estate asset, every financial transaction, and every distribution made to beneficiaries. The court reviews this accounting before discharging the personal representative and closing the estate. Proper accounting protects beneficiaries from mismanagement and shields the personal representative from personal liability.

This guide covers Florida's inventory and accounting requirements, deadlines, and how to prepare the final accounting for court approval.

Overview of Florida Probate Accounting

Florida formal administration involves two main accounting obligations:

1. Inventory - Due within 60 days of receiving Letters of Administration
2. Final Accounting - Filed with the Petition for Discharge when closing the estate

Both require detailed documentation and are subject to beneficiary and court review.

The Inventory Requirement

What Is the Inventory?

The inventory lists all probate assets the decedent owned at death along with their fair market values. It establishes the starting point for estate administration and tells beneficiaries exactly what the estate contains.

Deadline: 60 Days

Under Florida Statutes Section 733.604, the personal representative must file the inventory within 60 days of receiving Letters of Administration.

Missing this deadline can result in:

• Court sanctions
• Beneficiary petitions for your removal
• Personal liability for damages
• Delays in estate administration

What to Include in the Inventory

List all probate assets owned by the decedent at death:

Real Property:

• Property address
• Legal description
• Fair market value at date of death
• Note any liens or mortgages

Bank and Financial Accounts:

• Institution name
• Account type
• Account number (last 4 digits for security)
• Balance as of date of death

Investment Accounts:

• Brokerage firm
• Account number
• Securities held (stocks, bonds, mutual funds)
• Value at date of death

Vehicles:

• Year, make, model
• VIN (vehicle identification number)
• Fair market value

Personal Property:

• Jewelry and watches
• Furniture and household goods
• Art and collectibles
• Electronics
• Tools and equipment

Business Interests:

• Company name
• Ownership percentage
• Estimated value

Other Assets:

• Debts owed to the decedent
• Pending legal claims
• Tax refunds due
• Intellectual property
• Digital assets and cryptocurrency

What NOT to Include

The inventory lists only probate assets. Do not include:

• Life insurance with named beneficiaries
• Retirement accounts with named beneficiaries (IRAs, 401ks)
• Joint accounts with survivorship rights
• Property held in a living trust
• Payable-on-death (POD) accounts

These assets pass outside probate and are not part of the estate you administer.

Valuing Assets

Unlike California, Florida does not require a probate referee to appraise assets. The personal representative determines fair market value using:

For Real Estate:

• Professional appraisal
• County property appraiser's assessed value
• Comparative market analysis from a realtor

For Securities:

• Closing price on date of death
• Brokerage statements showing date-of-death values

For Vehicles:

• Kelley Blue Book or NADA value
• Recent comparable sales

For Personal Property:

• Professional appraisal (for high-value items)
• Reasonable estimate (for ordinary household goods)
• Estate sale or auction estimates

Filing the Inventory

File the inventory with the Clerk of Court in the county handling the probate. Serve copies on interested persons (beneficiaries who request one).

Confidential vs. Public Inventory

Florida law allows you to request a confidential inventory. Under Florida Statutes Section 733.604(2):

• The confidential inventory is not part of the public court file
• Only served on interested persons
• Protects privacy of financial information

Consider requesting confidential treatment if the estate contains large assets you want to keep private.

Supplemental Inventory

If you discover additional assets after filing the initial inventory, file a supplemental inventory listing the newly discovered assets and their values.

There is no specific deadline for supplemental inventories, but file promptly after discovery to maintain transparency with beneficiaries.

Accounting During Administration

Record-Keeping Requirements

From the day you receive Letters, maintain detailed records of all estate activity:

Income Records:

Expense Records:

The Estate Bank Account

Open a dedicated estate checking account immediately after receiving Letters:

• Deposit all estate funds to this account
• Pay all estate expenses from this account
• Never commingle estate and personal funds
• Keep all bank statements

What to Track Throughout Administration

Assets:

• Starting value (inventory value)
• Changes in value (gains/losses)
• Sales (proceeds received)
• Final disposition (distributed, sold, abandoned)

Income:

• Interest and dividends
• Rental income
• Business income
• Tax refunds
• Insurance proceeds

Expenses:

• Funeral and burial costs
• Debts of the decedent
• Administrative expenses
• Attorney fees
• Personal representative fees
• Court costs
• Taxes paid

The Final Accounting

What Is the Final Accounting?

The final accounting is a full report showing everything that happened during estate administration:

• What the estate started with (inventory)
• What came in (receipts and income)
• What went out (disbursements and expenses)
• What remains for distribution

When to File

File the final accounting with the Petition for Discharge when you are ready to close the estate. This is typically after:

• The creditor claims period has expired
• All valid claims are paid
• All taxes are filed and paid
• Assets are ready for distribution

What the Final Accounting Must Show

Schedule of Assets (Receipts):

• All assets from inventory
• Any additional assets discovered
• Income received during administration
• Proceeds from asset sales

Schedule of Disbursements:

• Funeral and burial expenses
• Valid creditor claims paid
• Administrative expenses
• Professional fees (attorney, accountant)
• Personal representative compensation
• Taxes paid
• Court costs

Gains and Losses:

• Appreciation in asset values
• Depreciation in asset values
• Gains or losses on sales

Property Remaining for Distribution:

• Assets to be distributed in kind
• Cash available for distribution
• Proposed distribution to each beneficiary

Accounting Format

Florida does not mandate a specific format for the accounting. Common approaches include:

Narrative Format: Written explanation with supporting schedules

Columnar Format: Spreadsheet-style presentation of receipts and disbursements

Professional Format: Prepared by CPA or attorney following standard estate accounting conventions

Most probate attorneys use software or templates that comply with court expectations in their county.

Supporting Documentation

Maintain documentation to support every line item in your accounting:

• Bank statements for all accounts
• Receipts and invoices for all payments
• Closing statements for property sales
• Tax returns and payment records
• Fee agreements and invoices
• Beneficiary receipts for distributions

The court or beneficiaries may request documentation to verify your accounting.

Waiver of Accounting

Beneficiaries can waive their right to a formal accounting by signing written waivers.

When Waiver Is Appropriate

• All beneficiaries are competent adults
• Beneficiaries trust the personal representative
• The estate is straightforward
• Everyone agrees on the distribution
• No disputes or concerns exist

Benefits of Waiver

• Faster estate closing
• Reduced attorney fees
• Less paperwork
• Avoids detailed court review

Requirements for Valid Waiver

• Must be in writing
• Must be signed by all interested beneficiaries
• Beneficiary must receive sufficient information about estate assets and transactions
• Cannot be obtained through fraud or undue influence

If any beneficiary refuses to waive, you must prepare a full accounting.

Court Review Process

Petition for Discharge

When ready to close the estate, file:

• Petition for Discharge
• Final accounting (unless waived)
• Proposed plan of distribution
• Receipts from beneficiaries for distributions already made

What the Court Reviews

The court examines whether:

• All assets are accounted for
• Disbursements were proper and authorized
• Claims were handled correctly
• Fees are reasonable
• Distribution follows the will or intestate law
• All requirements have been met

Objections

Beneficiaries have the right to object to the accounting. Common objections include:

• Missing assets
• Improper or unauthorized expenses
• Excessive fees
• Incorrect distribution calculations
• Breach of fiduciary duty

If objections are filed, the court schedules a hearing to resolve disputes.

Approval and Discharge

Once the accounting is approved:

• Court issues Order of Discharge
• Personal representative is released from duties
• Bond is released (if applicable)
• Estate is officially closed

Personal Representative Compensation

Statutory Entitlement

Under Florida Statutes Section 733.617, personal representatives are entitled to reasonable compensation for their services. This is typically:

• 3% of estate assets for ordinary services
• Additional fees for extraordinary services (litigation, complex tax matters, business management)

Compensation in the Accounting

Your compensation must be disclosed in the final accounting and is subject to:

• Court approval
• Beneficiary review
• Reasonableness standards

Factors Affecting Compensation

Courts consider:

• Size and complexity of the estate
• Time and effort required
• Results achieved
• Personal representative's skill and experience
• Whether professional assistance was required

Common Accounting Mistakes

Commingling Funds

Problem: Mixing estate funds with personal funds. Solution: Use a dedicated estate account for all transactions.

Missing the 60-Day Inventory Deadline

Problem: Filing inventory late. Solution: Calendar the deadline immediately upon receiving Letters.

Incomplete or Vague Records

Problem: Entries like "miscellaneous expenses - $500." Solution: Document every transaction with date, payee, amount, and purpose.

Failure to Account for All Assets

Problem: Assets from the inventory not appearing in the final accounting. Solution: Create a tracking system that follows each asset through administration.

Distributing Before Accounting Approval

Problem: Distributing assets before court approves the accounting. Solution: Wait for court approval or obtain beneficiary waivers before final distribution.

Not Obtaining Beneficiary Receipts

Problem: No proof that beneficiaries received their distributions. Solution: Obtain signed receipts for every distribution.

Accounting for Summary Administration

Summary administration (for estates under $75,000 or deaths more than 2 years ago) has simplified requirements:

• No formal inventory required
• No formal accounting required
• Distribution occurs directly through the Order of Summary Administration

Still, you should maintain records in case questions arise later.

Frequently Asked Questions

What is the deadline for filing the inventory in Florida?

60 days from the date Letters of Administration are issued.

Can I extend the inventory deadline?

You can petition the court for an extension before the deadline passes. You need good cause for the extension.

Who prepares the accounting?

The personal representative is responsible. Most work with a probate attorney or CPA to prepare it properly.

What if beneficiaries object to the accounting?

The court schedules a hearing to resolve objections. You may need to explain or justify specific transactions.

Can I pay myself before the accounting is approved?

You can take interim compensation with court approval or beneficiary consent. Final compensation is approved when the accounting is approved.

What happens if I make a mistake in the accounting?

Minor errors can usually be corrected with an amended accounting. Major errors may result in surcharge (personal liability) for any loss to the estate.

How long must I keep estate records?

Keep all records for at least 3 years after discharge, longer if tax matters remain open. Some attorneys recommend 7 years.

Related Florida Guides

• Florida Executor Duties
• Florida Probate Guide
• Florida Probate Timeline
• Letters of Administration Florida
• Florida Creditor Claims
• Formal Administration in Florida

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Last Updated: January 2026. This guide provides general information about Florida probate accounting. Consult with a Florida probate attorney for advice specific to your situation.