When a loved one passes away in Florida, their heirs and beneficiaries open up a probate estate with the Florida Probate court. A “personal representative“, or executor, will be appointed to administer the estate administration.
First, though, an executor of a Florida probate estate is required by the Florida Probate Code to file an estate inventory.
- The inventory is required to be filed no later than 60 days after the personal representative is appointed.
- The inventory lists those assets that will be administered to the decedent’s heirs in probate.
- These include any property or assets that the Florida personal representative is required to possession of.
- Some examples would be bank accounts, brokerage accounts, and investments accounts whichdo not contain a joint account holder or “right of survivorship”.
- The inventory is also required to list real estate interest owned by the decedent when he or she died.
Florida Probate Rule 5.340 requires that the inventory be sent to any surviving spouse, heir, beneficiary, and any other interested person who requests an inventory in writing.
Palm Beach probate litigation attorneys know that this can be a daunting process. The amount of work that one may endure as the personal representative of a Boca Raton estate administration, or an executor of an Aventura probate estate, is not to be underestimated. Florida probate inventory can be a lot of work. And many of the beneficiaries are waiting on the Personal Representative to complete this task. As he is the only thing standing between the beneficiaries and their Florida inheritances.
See http://www.pankauskilawfirm.com/ for videos and information on Wills in Florida, Florida Trust Law, Estate Planning, and Estate Administration in Florida.