The Estate Inventory and Accounting: A Palm Beach Checklist

After being appointed, a Florida personal representative must show the court and the beneficiaries exactly what the estate owns and what happens to it. This is done through two documents: the inventory and the accounting. For Palm Beach estates that often include real estate, brokerage accounts, and valuable personal property, getting these right is essential. Here is a practical checklist.

Step 1: Understand the Two Documents

The inventory is a snapshot of estate assets and their date-of-death values. The accounting is the running record of receipts, disbursements, gains, losses, and distributions during the administration. Together they create transparency for everyone with an interest in the estate.

Step 2: File the Inventory Within 60 Days

Florida Probate Rule 5.340 requires the personal representative to file the inventory within 60 days after issuance of letters of administration. The inventory must list each probate asset with a reasonable estimate of its fair market value as of the date of death.

Step 3: Capture Every Probate Asset and Its Value

For a typical Palm Beach estate, the inventory may include:

• Real estate, including any Palm Beach County homestead (separately noted because of its special status).
• Bank, brokerage, and investment accounts titled in the decedent’s sole name.
• Vehicles, boats, and watercraft, common along the coast.
• Jewelry, art, and other tangible personal property.
• Business interests and promissory notes owed to the decedent.

Higher-value items such as real property, fine art, or collections often require a professional appraisal to support the stated value.

Step 4: Distinguish Probate from Non-Probate Assets

The inventory lists only assets that pass through probate. Jointly titled property with survivorship rights, accounts with beneficiary or payable-on-death designations, assets in a revocable trust (Chapter 736), and property transferred by a Lady Bird deed are generally excluded. The protected homestead is treated specially and is often listed but identified as homestead.

Step 5: Provide the Inventory to Interested Persons

The personal representative must serve the inventory on the surviving spouse, beneficiaries, and others who request it. A beneficiary may also request more detailed written information about the value of any listed asset, and the representative must respond.

Step 6: Keep Meticulous Records for the Accounting

From day one, track every dollar in and out: rents collected, dividends, sale proceeds, attorney and personal representative fees, taxes, insurance, and bills paid. Florida Probate Rule 5.346 sets the required format for the final accounting, which must reconcile starting assets, all transactions, and the proposed distribution to the penny.

Step 7: Prepare the Final Accounting and Plan of Distribution

Before the estate closes, the personal representative files a final accounting and a plan of distribution. Interested persons receive these and have a limited time to object. If no valid objection is filed and the court is satisfied, the estate can be distributed and closed. Beneficiaries who are confident in the administration may sign waivers to streamline this step.

A Note on Taxes

Florida has no state estate or inheritance tax, so the accounting typically will not reflect a Florida death tax. The records should, however, account for any federal filings and final income taxes the estate owes.

Consult a Florida Probate Attorney

An incomplete inventory or a sloppy accounting can stall a Palm Beach estate and expose the personal representative to objections or surcharge. Before filing, consult a licensed Florida probate attorney to ensure your inventory and accounting meet the requirements of the Florida Probate Rules.