What is an Estate Inventory?
The Florida Probate Code requires that the Personal Representative file an Inventory of the Estate’s assets. The Inventory is basically a form listing all of the Estate’s assets and their respective values. (e.g., Primary Home, 123 Elm St. Tampa, FL 33221, valued at $300,000.00). If you want more information on the Basics on Florida Probate, read this blog article.
When Does the Inventory Have to be Filed with the Probate Court?
The Inventory must be filed within 60 days from when the Personal Representative is issued the Letters of Administration by the Probate Judge. The Letters of Administration is the judge’s order that grants the Personal Representative the authority to act on the behalf of the Estate. If you want to know more information about the Probate process, read this blog article.
What Assets are Included in the Inventory?
The Inventory must include all of the assets being transferred via the Probate proceeding, which may include the decedent’s primary residence, a second residence, bank account, brokerage account, and retirement account, etc., that do not include payable on death or transfer on death designations and weren’t jointly owned at the time of the decedent’s death. Conversely, if the decedent died owning an asset which was jointly owned with someone else, it’s quite possible that asset became the sole property of the other joint owner.
Who is Required to Receive a Copy of the Inventory?
According to Florida Probate Rule 5.340, all of the following persons are required to receive a copy of the Inventory: The surviving spouse, the next of kin (aka heirs at law) in intestate estates (i.e., There is no Last Will and Testament), residuary beneficiaries listed in the Will (i.e., Look at the Residuary Clause in the Will), and other interested parties requesting a copy of the Inventory.
Can Someone Take Issue with the Inventory?
Absolutely! Florida Probate Rule 5.340, allows for beneficiaries to request a written explanation as to how each property’s value was determined, whether there was an appraisal completed, and if so, same must be provided to the beneficiary making the request.
What if I Need More Information About Probate?
If you need assistance with a Probate matter, please call our office anytime (24/7) at (813) 897-0295 and schedule your initial consultation today. Thank you.
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