Does an Executor Have to Show Accounting in Florida?

Short answer: it depends on the will, the estate, and Florida law

Does an executor have to show accounting to beneficiaries in Florida? In many Florida estates, the answer is partly yes. The personal representative (often called an executor) may owe beneficiaries and certain interested persons some information. The exact scope and timing depend on the will, the stage of administration, any court order, and applicable Florida law.

If a parent has died and you were told the personal representative will handle everything, you may wonder what you can actually see. That is a fair question. This page explains the main rules in general terms. It does not decide any particular estate, and your answer depends on that estate’s documents and facts.

Florida’s formal title for this role is “personal representative.” Under Fla. Stat. § 733.602, a personal representative is a fiduciary who must observe the standards of care that apply to trustees. The statute also ties that duty to settling and distributing the estate under the will and the Florida Probate Code. How that duty applies depends on the governing instrument, applicable law, and the facts of each estate.

What an estate accounting is and how it differs from an inventory

An inventory lists what the estate owned, with values as of the date of death. An accounting records the money and property that moved through the estate during administration. Florida treats these as separate documents with separate rules.

Under Fla. Stat. § 733.604, unless an inventory was already filed, a personal representative must file a verified inventory. It lists estate property in reasonable detail, with an estimated fair market value for each item at the date of death. If the personal representative learns that an item is missing or a value is wrong, the statute calls for an amended or supplementary inventory.

An accounting covers a different period and purpose. Fla. Prob. R. 5.346 says a fiduciary accounting shows all cash and property transactions since the last accounting, or since administration began if there was none. It also includes a schedule of assets at the end of the period. The rule says accountings must be understandable to people who are not familiar with estate terminology, and the fiduciary filing the accounting must verify it.

Timing and format depend on the court, the will, and the facts of the estate. Ask which document you are reading, because the two terms are easy to mix up.

Who may ask for information and what they may request

Beneficiaries and certain interested persons may ask for estate information. What they can receive depends on their role in the estate, the will, and the facts. The statute treats different beneficiaries differently.

Under Fla. Stat. § 733.604, a beneficiary may request, in writing, an explanation of how an asset’s inventory value was set. If an appraisal was obtained, the beneficiary may receive a copy. A residuary beneficiary or heir in an intestate estate may ask about all inventoried assets. Other beneficiaries may ask about assets distributed or proposed to be distributed to them. The personal representative must tell each beneficiary about these rights.

Fla. Prob. R. 5.341 adds a broader point. On reasonable written request, the personal representative shall give an interested person information about the estate and its administration. How that applies depends on the facts and the rules.

Under § 733.604, filed inventories are generally not open to the general public, and who may inspect them depends on applicable Florida law and the facts of each case. If an informal request fails, the court file may be part of the picture, depending on the case.

What a personal representative’s records may need to show

A personal representative’s records generally need to show what came into the estate and what went out. The content depends on the will, the court’s requirements, and the estate’s facts.

Under Fla. Prob. R. 5.346, an accounting should give interested persons enough information to know about significant transactions in the period. The schedule of assets should show two values for each asset: the acquisition or carrying value, and the estimated current value. Gains and losses should appear separately. The rule also says the accounting should show significant transactions that do not change the amount the fiduciary is accountable for.

Mismatches are a common source of questions. If an asset was missed or valued differently, the inventory may need amending under § 733.604. Comparing the first inventory with the later accounting may show whether that happened. What it means depends on the facts.

Whether receipts, bank statements, or other support must be attached depends on the court, the rules, and the estate. No single form is always required.

How fees and personal representative compensation are determined

Attorney fees are agreed between client and attorney according to the scope of work. A personal representative’s compensation depends on the statute, the will, any court approval, and the facts of each estate.

Under Fla. Stat. § 733.617, a personal representative may be entitled to a commission for ordinary services, payable from estate assets without a court order. That commission is based on the estate’s compensable value. If the will sets compensation by specific criteria, the statute says compensation follows that provision, subject to its further terms. On petition of an interested person, the court may increase or decrease compensation based on factors such as promptness, efficiency, skill, and benefits to the estate.

Attorneys for a personal representative may also receive compensation. Under Fla. Stat. § 733.6171, that compensation is reasonable and payable from estate assets, subject to the statute’s exceptions. Extraordinary services may include a will contest, a contested claim, or other adversarial litigation. What counts as extraordinary depends on the estate’s size and complexity.

An accounting may show what was paid and to whom. You can ask how any amount was determined, and the answer may depend on the statute, the will, and the court’s record.

When information seems to be missing: options and timing

Many beneficiaries start with a written request. If that does not produce the information, the court may be involved, depending on the facts and applicable law.

Under Fla. Prob. R. 5.150, if a personal representative fails to file a required accounting, the court on its own motion or on an interested person’s petition may order the filing. The rule says the order sets a 15-day period from service, or the personal representative must show cause. The court may also require an accounting that no statute or rule requires, within a time it sets.

Deadlines need care. Under Fla. Stat. § 733.212, an interested person served with a notice of administration generally has 3 months after service to file objections to the will’s validity, the qualifications of the personal representative, the venue, or the court’s jurisdiction. How that period applies, and whether a late objection is barred, depends on applicable law and the facts of each case. That window covers those objections, not every question about accounts. The statute allows extension only for estoppel based on a personal representative’s misstatement. How it applies depends on applicable law and the facts of each case, so don’t assume a date has or hasn’t passed.

Remedies also depend on the record. Under Fla. Stat. § 733.609, a personal representative’s fiduciary duty is the same as a trustee’s duty for an express trust. The personal representative may be liable to interested persons for loss from a breach. Whether a breach occurred depends on the governing instrument, Florida law, and the facts.

Talk with Trust Counsel, PL about your estate question

Questions about what information a relative’s estate may disclose depend on the governing instrument, applicable Florida law, and the facts of each case, and a lawyer can review those questions with you. The firm advises and represents trustees, personal representatives and beneficiaries. Trust Counsel’s attorneys can serve individually as trustee or personal representative. The firm’s only office is in Coral Gables, and attorney Leslie V. Marenco is the lawyer responsible for this page.

Trust Counsel, PL offers a free, confidential first consultation, with no obligation to continue. To talk through your question, call (305) 707-7126 or schedule online at https://trustcounsel.com/contact/.

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