Probate Inventory
Definition:
A Probate Inventory is a detailed list of all assets, property, and debts owned by a deceased person (the decedent) at the time of death. It is submitted to the probate court by the personal representative or executor to determine the total value of the estate for distribution to heirs, payment of debts, and calculation of any applicable taxes.
Probate Inventory Information
A Probate Inventory provides a comprehensive accounting of everything the decedent owned, including real estate, bank accounts, vehicles, personal belongings, investments, and business interests. Each item must be assigned a fair market value as of the date of death, often verified through appraisals or financial statements. The inventory also lists any outstanding debts or liabilities. This document is essential for ensuring that the estate is administered fairly and in compliance with probate laws. It helps the court and beneficiaries understand the estate’s value, facilitates debt repayment, and determines inheritance shares. Failure to file an accurate inventory can delay probate proceedings or lead to legal penalties for the executor.
Florida Legal Definition
In Florida, a Probate Inventory is required under **Florida Statutes Section 733.604**, which mandates that the personal representative file a verified inventory of the estate’s property within **60 days** after receiving letters of administration. The inventory must include detailed descriptions and estimated values of both real and personal property owned by the decedent at death. Copies must be provided to interested parties, such as beneficiaries and the surviving spouse, unless the court orders otherwise. Any additional property discovered later must be reported through a supplemental inventory. Florida probate law emphasizes accuracy and transparency to protect the interests of all heirs and creditors during estate administration.
How It’s Used in Practice
In practice, a personal representative or estate attorney in Florida gathers records, appraisals, and financial data to prepare the Probate Inventory. Once filed, the court uses it to oversee asset distribution and ensure debts and taxes are properly settled. Beneficiaries often review the inventory to verify that all estate assets are accounted for. If new assets—such as an unlisted bank account or real property—are found after filing, an amended or supplemental inventory is submitted. Maintaining proper documentation and valuations is critical, as inaccuracies can result in disputes, audits, or fiduciary liability.
Key Takeaways
- A Probate Inventory lists all assets and liabilities of a decedent’s estate for court review.
- It ensures fair distribution, debt repayment, and accurate estate valuation.
- Under Florida Statutes §733.604, the inventory must be filed within 60 days of appointment as personal representative.
- Appraisals and financial statements help determine the fair market value of estate assets.
- Failure to file or inaccuracies can delay probate or expose the executor to legal penalties.
Disclaimer: The information and opinions provided are for general educational, informational or entertainment purposes only and should not be construed as legal advice or a substitute for consultation with a qualified attorney. Any information that you read does not create an attorney–client relationship with Barnes Walker, Goethe, Perron, Shea & Johnson, PLLC, or any of its attorneys. Because laws, regulations, and court interpretations may change over time, the definitions and explanations provided here may not reflect the most current legal standards. The application of law varies depending on your particular facts and jurisdiction. For advice regarding your specific situation, please contact one of our Florida attorneys for personalized guidance.
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