A daughter is appointed personal representative of her late mother’s estate in Boca Raton. She receives her Letters of Administration and feels ready to distribute the assets — until her attorney tells her she cannot simply hand out checks. Before anything goes to the beneficiaries, Florida law requires her to account for what came in, what went out, and what is left. Two documents anchor that duty: the inventory and the accounting.
The Inventory: A Snapshot at Death
Within 60 days of receiving Letters, the personal representative must file a verified inventory with the Palm Beach County Circuit Court under the Florida Probate Rules. The inventory lists the decedent’s probate assets and their fair-market value as of the date of death. For our Boca Raton estate, that might include:
- The condo or home, with its date-of-death value;
- Bank and brokerage accounts titled solely in the decedent’s name;
- A vehicle, jewelry, and other tangible personal property;
- Business interests or a promissory note owed to the decedent.
Assets that pass outside probate — jointly held accounts, payable-on-death funds, life insurance, and trust property — are not part of the inventory because they never enter the estate.
The Homestead Note
The Boca Raton residence deserves special handling. If the home qualifies as constitutional homestead under Article X, Section 4, it is generally a protected asset that passes outside the reach of most creditors. Many practitioners list it separately and note its homestead character, because mixing it into the general estate can create confusion about what is available to pay debts.
Who Gets to See the Inventory
The inventory is served on beneficiaries and certain other interested persons. Under the Florida rules, a beneficiary may also request reasonable supporting information about how a listed value was determined. This transparency lets an heir in, say, a blended family confirm that nothing was overlooked before distributions begin.
The Accounting: The Story of the Money
Where the inventory is a snapshot, the accounting is a moving picture. It shows everything that happened during administration: income received, gains and losses, debts and expenses paid, fees, and proposed distributions. Florida law sets out what a fiduciary accounting must contain, and it must be detailed enough that a beneficiary can understand exactly where the estate’s money went. The personal representative typically files a final accounting before the estate closes.
Why Beneficiaries Should Read It Carefully
The accounting is the moment to raise concerns. A Boca Raton beneficiary who spots an unexplained expense, an inflated fee, or a missing asset can object before the court approves the accounting and discharges the representative. Once the estate is closed and the representative discharged, reopening the matter is far harder. Reviewing the figures while the proceeding is still open protects everyone’s interests.
When the Steps Can Be Simplified
Not every estate carries the full burden. In a summary administration — available for smaller estates or where the decedent died more than two years ago — there is no appointed personal representative and no formal inventory or accounting in the same way. Beneficiaries can also waive a final accounting by signed agreement in a formal administration, which can speed the close of a cooperative Boca Raton estate.
The inventory and accounting carry deadlines and fiduciary liability for the person in charge, and real rights for beneficiaries. Whether you are administering or inheriting from an estate in the Boca Raton area, consult a licensed Florida probate attorney to be sure these documents are complete and correct.
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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 .
