If you have been named personal representative of a Boca Raton estate, two documents will define much of your job: the inventory and the accounting. They sound bureaucratic, but they are really just an honest snapshot of what the estate owned and a clear record of what you did with it. Here is what first-timers need to know.
The Inventory: A Snapshot at Death
The inventory is a list of everything the estate owns, valued as of the date of death. Under Florida Probate Rule 5.340, the personal representative must file the inventory with the court within 60 days of being issued Letters of Administration. It must describe each probate asset and state its fair market value on the date the person died.
For a typical Boca Raton estate, the inventory might include a condo or single-family home (with its appraised value), bank and brokerage accounts, a vehicle, jewelry, and personal property. Real estate is often valued using the Palm Beach County Property Appraiser’s figures or a formal appraisal. The homestead is usually listed separately and noted as protected property under Article X, Section 4 of the Florida Constitution.
What Belongs in It, and What Doesn’t
Only probate assets go on the inventory. Property that passes outside probate, such as a jointly titled account, a payable-on-death account, life insurance with a named beneficiary, or real estate in a revocable trust under Chapter 736, is generally not included. Sorting probate from non-probate assets is one of the first and most important steps, because getting it wrong skews everything that follows.
Who Gets to See It
The inventory is served on the beneficiaries and other interested persons, not published publicly. A beneficiary who wants more detail can request the appraisals or backup behind the values. This transparency is intentional: it lets heirs verify that nothing was missed and that values are reasonable.
The Accounting: The Story of the Estate
While the inventory is a single snapshot, the accounting is the ongoing story. It shows everything that came in (income, refunds, sale proceeds), everything that went out (debts, taxes, fees, expenses), and what remains to distribute. Florida Probate Rule 5.346 sets a specific format, with starting assets, receipts, disbursements, and ending balances that must reconcile.
A final accounting is generally required before the estate closes and assets are distributed, unless every beneficiary signs a written waiver. Waivers are common in harmonious families and can streamline closing, but they should never be signed without understanding what is being given up.
Why Accuracy Protects You
The personal representative has a fiduciary duty to the beneficiaries. A clean inventory and accounting are your best defense if anyone later questions how the estate was handled. Sloppy records, missing assets, or unexplained spending can lead to objections, surcharge claims, and personal liability. Keeping organized records from day one, including every receipt and bank statement, makes this far easier.
A Note on Florida Taxes
Good news for the accounting: Florida imposes no state estate or inheritance tax. The estate may still have final income tax obligations or, for very large estates, federal estate tax exposure, but there is no separate Florida death tax line to account for.
Consult a Florida Probate Attorney
Inventory and accounting deadlines are real, and the format requirements are technical. Because mistakes can expose a personal representative personally, it is wise to have a licensed Florida probate attorney help you classify assets, value them properly, and prepare filings that satisfy the Palm Beach County court.
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For more on our Florida practice, see our overview of probate in Palm Beach. Morgan Legal Group's affiliated New York office also handles .
