by Robert J. Myers, Esq.

What Steps are Involved in the Probate Process?
Part III
(This Article is Part III in our review of the Florida probate process and follows our last feature on probate.)
5. Filing the Inventory
Next, a Personal Representative is required to develop an inventory and appraisal of an estate’s assets and debts which must be filed with the Probate Court.
When developing an inventory, the Personal Representative should identify all of the estate’s probate property, including both real estate and personal property. To conduct the inventory, the Personal Representative may need to visit a savings and loan or bank to determine the value of a savings account on the date of death. When doing so, it is best for the Personal Representative to take along letters of administration as proof of his/her authority.
While the inventory need not detail every last piece of clothing or all of the pots and pans, the Personal Representative must place a value on the deceased’s personal articles, including keepsakes. A Personal Representative may estimate the value of estate property or hire a professional appraiser to determine the value of probate assets. A Personal Representative should be involved in the inventory and appraisal as much as possible.
When conducting the inventory, the Personal Representative should distinguish between property that the deceased owned individually (probate property) and jointly with right of survivorship (non-probate property).
6. Paying Creditors, Taxes and Fees
All debts and taxes owed by the estate are then required to be paid. A Personal Representative is responsible for determining the validity of creditor claims and paying the debts. A Personal Representative is also responsible for preparing and filing the tax returns. The following types of taxes may arise in estate administration:
A. Personal Income Tax
B. Estate Income Tax
C. Inheritance Tax
D. Estate Tax
Compared with the substantial value of many estates, court costs and probate administration fees may seem relatively minor.
In addition to court fees, estates normally incur other administration costs. Perhaps most significant among these is attorney’s fees and the cost of providing the required notice. Registered letters may need to be mailed to all interested parties and a Personal Representative must publish notice of the estate in local newspapers. Also, an estate will have to cover the cost of the Personal Representative’s bond.
7. Preparing the Final Accounting
The Personal Representative prepares a final accounting of the estate’s value and debts. The final accounting is complete once the inventory, appraisal, and payment of any outstanding taxes and debts is accomplished. The final accounting is a detailed balance sheet that shows the value of all the estate’s assets, along with any income or interest earned, debts paid, money owed, and tax payments. The final accounting is sent to the Court and all interested parties for review and approval. The heirs have a right to challenge this accounting because a mistake could directly affect the size of their inheritances.
8. Distributing the Assets
The Personal Representative next oversees the distribution of the estate’s assets to survivors, according to the instructions in the will. If a person dies without a will, then the intestacy laws of the State of Florida direct the distribution.
9. Closing the Estate
Following approval of the final accounting, a Personal Representative can close the estate. To do so, a Personal Representative submits a sworn statement to the Probate Court and interested parties which specifies all estate business is finished. This may require a formal Court hearing with all interested parties given the opportunity to
attend.

Mr. Myers is the owner of Akerson Law Offices which is located at 1135 Pasadena Avenue South, Suite 140, St. Petersburg, Florida. The telephone number is 727-347-5131. Mr. Myers welcomes calls regarding this article and other related legal topics. This column outlines general legal principles and is not intended to give you legal advice. If you have a specific question about the law, please consult an attorney.
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