When a loved one dies, beneficiaries often want answers. They may wonder what happened to the estate’s money and property. They may also want to know when they will receive their inheritance. A formal estate accounting can answer many of those questions.
What is a formal estate accounting?
A formal estate accounting is a financial report. The personal representative usually prepares it during probate. The report shows how the personal representative managed the estate’s money and property.
The report lists the estate’s assets, income, expenses, debt payments and distributions. Florida law requires the personal representative to provide the accounting to interested persons entitled to receive the accounting. The report gives them a clear record of the estate’s financial activity.
When can beneficiaries review an accounting?
Florida law usually requires a final accounting before the estate closes unless a valid waiver or another legal exception applies.
Interested persons entitled to receive the accounting can review the report and raise concerns if they find mistakes or missing information. For example, they may have questions if:
- Estate assets are missing or unexplained.
- Financial records do not match the accounting.
- Distributions take longer than expected.
- Estate funds appear to have been used for improper purposes.
If a dispute arises, the probate court can review the accounting and decide the next steps.
What happens after the accounting?
The personal representative gives the accounting to those entitled to receive it. They can review every entry and ask the court to resolve any disputes. The court can address valid concerns before the estate closes.
A formal estate accounting helps those entitled to receive it understand how the personal representative handled the estate. It also gives them a chance to review the estate’s finances and raise questions if they identify possible errors or omissions.