Accouning Of Personal Representatives

There are all sorts of forms executors, beneficiaries, and probate court clerks have to fill out and correspond with during probate and estate settlement, including affidavits, letters, petitions, summons, orders, and notices.

Accouning Of Personal Representatives is a commonly used form within Florida. Here’s an overview of what the form is and means, including a breakdown of the situations when (or why) you may need to use it:

Atticus Fast Facts About Accouning Of Personal Representatives

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Accouning Of Personal Representatives:

• This form pertains to the State of Florida

• The current version of this form was last revised on January 1, 2025

Government forms are not typically updated often, though when they are, it often happens rather quietly. While Atticus works hard to keep this information about Florida’s Form P5-0340 - Accouning Of Personal Representatives up to date, certain details can change from time-to-time with little or no communication.

Step 1 - Download the correct Florida form based on the name and ID if applicable

Double check that you have both the correct form name and the correct form ID. Some Florida probate forms can look remarkably similar, so it’s best to double, even triple-check that you’re using the right one! Keep in mind that not all States have a standardized Form ID system for their probate forms.

Step 2 - Complete the Document

Fill out all relevant fields in Form P5-0340, take a break, and then review. Probate and estate settlement processes in FL are long enough to begin with, and making a silly error can push your timeline even farther back. No thank you!

Note: If you don’t currently know all of the answers and are accessing Form P5-0340 online, be sure to avoid closing the browser tab and potentially losing all your progress (or use a platform like Atticus to help avoid making mistakes).

Step 3 - Have Form P5-0340 witnessed or notarized (if required)

Some States and situations require particular forms to be notarized. If you have been instructed to get the document notarized or see it in writing on the document, then make sure to hire a local notary. There are max notary fees in the United States that are defined and set by local law. Take a look at our full guide to notary fees to make sure you aren’t overpaying or getting ripped off.

Step 4 - Submit Accouning Of Personal Representatives to the relevant office

This is most often the local probate court where the decedent (person who passed away) is domiciled (permanently resides) or the institution involved with this particular form (e.g. a bank). Some offices allow you to submit forms online, other’s don’t, and we while we generally recommend going in-person to expedite the process, sometimes that simply isn’t an option.

It’s also a generally good idea to establish a positive working relationship with any probate clerk (unfortunately there’s enough people & process out there making things more difficult and unnecessarily confusing for them), so a best practice is to simply ask the probate clerk proactively exactly how and where they’d prefer you to submit all forms.

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Different probate forms or processes can require different deadlines or response times for completing the appropriate form.

While some steps in the process are bound to specific deadlines (like petitioning for probate, having to submit an inventory of assets, or filing applicable notices to creditors and beneficiaries), many probate forms or processes are not tied to a specific deadline since the scope of work can vary based on situational factors or requirements involved.

Either way, there are a bunch of practical reasons why personal representatives should work to complete each step as thoroughly and quickly as possible when completing probate in Florida.

5 reasons you should submit P5-0340 as quickly as possible:

1. The sooner you begin, the faster Florida can allow heirs and beneficiaries to get their share of assets subject to probate. Acting promptly can also decrease the costs & overall mental fatigue through an otherwise burdensome process.
   
   Helpful Context: What’s the Difference Between Probate and Non-Probate Assets?

2. In general, creditors of an estate usually have around 3-6 months from the time you file notice to creditors to file any claims for debt against the deceased’s assets. If they don’t, then that debt is forfeited (and more importantly, the executor won’t be held personally responsible). So doing this sooner means you have a better idea of who is owed what and ensures you won’t get a surprise collector months later.

3. Not filing a will within 30 days (on average) could mean that the probate process proceeds according to intestate laws (laws that govern what happens to someone's stuff without a will) or is subject to unnecessary supervision by the probate court. And if you aren't directly related to the deceased (a.k.a. next of kin), this could also mean you lose your inheritance.

4. It’s important to file any necessary state tax returns on behalf of the deceased or estate by the following tax season in Florida. If you don’t, you could owe penalties and interest. This also includes any necessary federal tax returns such as Forms 1040, 1041, or even a Form 706 estate tax return.

5. If a house in the State of Florida is left empty (or abandoned) for a while, insurance can get dicey. For example, if the house burns down and no one has been there for a year, an insurance company may get out of paying your claim.

If you’re not using Atticus to get specific forms, deadlines, and timelines for Florida probate, then try and stay as organized as possible, pay close attention to the dates mentioned in any correspondence you have with the State’s government officials, call the local Florida probate clerk or court for exact answers regarding Form P5-0340, and when in doubt— consult a qualified trust & estates lawyer for that area.

Accouning Of Personal Representatives is one of the many probate court forms available for download through Atticus.

It may also be available through some Florida probate court sites, such as . In order to access the latest version, be updated with any revisions, and get full instructions on how to complete each form, check out the Atticus Probate & Estate Settlement software or consider hiring a qualified legal expert locally within Florida.

While Atticus automatically provides the latest forms, be sure to choose the correct version of Form P5-0340 - Accouning Of Personal Representatives f using any other site or resource in order to avoid having to re-complete the form process and/or make another trip to the Florida probate court office.

Accouning Of Personal Representatives is a .pdf, so opening it should be as simple as clicking “View Form” from within the Atticus app or by clicking the appropriate link found on any Florida-provided government platform. Once you’ve opened the form, you should be able to directly edit the form before saving or printing.

Here’s the text, verbatim, that is found on Florida Form P5-0340 - Accouning Of Personal Representatives. You can use this to get an idea of the context of the form and what type of information is needed.

Bar Form No. P-5.0340 – Page 1 of 8 © Florida Lawyers Support Services, Inc. January 1, 2025 IN THE CIRCUIT COURT FOR COUNTY, FLORIDA IN RE: ESTATE OF PROBATE DIVISION File Number __________________________________ Deceased. Division ACCOUNTING OF PERSONAL REPRESENTATIVE(S) From: , , Through: , The purpose of this accounting is to acquaint all interested persons with the transactions that have occurred during the period covered by the accounting and the assets that remain on hand. It consists of a SUMMARY sheet and Schedule A showing all Receipts, Schedule B showing all Disbursements, Schedule C showing all Distributions, Schedule D showing all Capital Transactions and Adjustments (the effect of which are also reflected in other schedules, if appropriate), and Schedule E showing assets on hand at the end of the accounting period. It is important that this accounting be carefully examined. Requests for additional information and any questions should be addressed to the personal representative(s) or the attorneys for the personal representative(s), the names and addresses of whom are set forth below. Under penalties of perjury, the undersigned personal representative(s) declare(s) that I (we) have read and examined this accounting and that the facts and figures set forth in the Summary and the attached Schedules are true, to the best of my (our) knowledge and belief, and that it is a complete report of all cash and property transactions and of all receipts and disbursements by me (us) as personal representative(s) of the estate of deceased, from , , through , . Signed on this ________ day of _________________________, ________. Attorney for Personal Representative: Attorney Printed Name: ___________________________ Email Addresses: Florida Bar No. (address) Telephone: Personal Representative: Signature Printed Name: ____________________________ (address) Bar Form No. P-5.0340 – Page 2 of 8 © Florida Lawyers Support Services, Inc. January 1, 2025 ACCOUNTING OF PERSONAL REPRESENTATIVE(S) From: , , Through: , SUMMARY Income Principal Totals I. Starting Balance Assets per Inventory or on Hand at Close of Last Accounting Period $ $ $ II. Receipts Schedule A: $ $ $ III. Disbursements Schedule B: $ $ $ IV. Distributions Schedule C: $ $ $ V. Capital Transactions and Adjustments Schedule D: Net Gain or (Loss) $ $ VI. Assets on Hand at Close of Accounting Period Schedule E: Cash and Other Assets $ $ $ NOTE: Refer to Florida Probate Rules 5.330(b), 5.345, 5.346, and 5.400. Also see Accountings, Chapter 12 of Practice Under Florida Probate Code (Fla. Bar CLE). Entries on Summary are to be taken from totals on Schedules A, B, C, D and E. The Summary and Schedules A, B, C, D and E are to constitute the full accounting. Every transaction occurring during the accounting period should be reflected on the Schedules. All purchases and sales, all adjustments to the inventory or carrying value of any asset, and any other changes in the assets (such as stock splits) should be described on Schedule D. The amount in the Total column for Item VI must agree with the total inventory or adjusted carrying value of all assets on hand at the close of the accounting period on Schedule E. Bar Form No. P-5.0340 – Page 3 of 8 © Florida Lawyers Support Services, Inc. January 1, 2025 ACCOUNTING OF PERSONAL REPRESENTATIVE(S) From: , , Through: , SCHEDULE A Receipts Date Brief Description of Items Income Principal __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ NOTE: Schedule A should reflect only those items received during administration that are not shown on the inventory. Classification of items as income or principal is to be in accordance with the provisions of the Florida Uniform Principal and Income Act, Florida Statutes Chapter 738. Bar Form No. P-5.0340 – Page 4 of 8 © Florida Lawyers Support Services, Inc. January 1, 2025 Entries involving the sale of assets or other adjustments to the carrying values of assets are to be shown on Schedule D, and not on Schedule A. ACCOUNTING OF PERSONAL REPRESENTATIVE(S) From: , , Through: , SCHEDULE B Disbursements Date Brief Description of Items Income Principal __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ NOTE: Schedule B should reflect only those items paid out during the accounting period. Classification of disbursements as Bar Form No. P-5.0340 – Page 5 of 8 © Florida Lawyers Support Services, Inc. January 1, 2025 income or principal is to be in accordance with the provisions of the Florida Uniform Principal and Income Act, Florida Statutes Chapter 738. Entries involving the purchase of assets or adjustments to the carrying values of assets are to be shown on Schedule D, and not on Schedule B. ACCOUNTING OF PERSONAL REPRESENTATIVE(S) From: , , Through: , SCHEDULE C Distributions Date Brief Description of Items Income Principal __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ NOTE: Schedule C should reflect only those items or amounts distributed to beneficiaries during the accounting period. Assets Bar Form No. P-5.0340 – Page 6 of 8 © Florida Lawyers Support Services, Inc. January 1, 2025 distributed should be shown at their inventory or adjusted carrying values. Classification of distributions as income or principal is to be in accordance with the provisions of the Florida Uniform Principal and Income Act, Florida Statutes Chapter 738. Entries involving adjustments to the carrying values of assets are to be shown on Schedule D, and not on Schedule C. ACCOUNTING OF PERSONAL REPRESENTATIVE(S) From: , , Through: , SCHEDULE D Capital Transactions and Adjustments (Does not include distributions. Distributions are shown on Schedule C.) Date Brief Description of Transactions Net Gain Net Loss __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ __________ _________________________________________ _______________ _____________ TOTAL NET GAINS AND (LOSSES) $ ______________ $____________ NET GAIN OR (LOSS) $______________ $___________ NOTE: Schedule D should reflect all purchases and sales of assets and any adjustments to the carrying values of any assets. Entries reflecting sales should show the inventory or adjusted carrying values, the costs and expenses of the sale, and the net proceeds received. The net gain or loss should be extended in the appropriate column on the right side of Schedule D. Bar Form No. P-5.0340 – Page 7 of 8 © Florida Lawyers Support Services, Inc. January 1, 2025 Entries reflecting purchases should reflect the purchase price, any expenses of purchase or other adjustments to the purchase price, and the total amount paid. Presumably no gain or loss would be shown for purchases. Entries reflecting adjustments in capital assets should explain the change (such as a stock split) and the net gain or loss should be shown in the appropriate column on the right side of Schedule D. The NET gain or loss should be entered in the Principal column of the Summary. ACCOUNTING OF PERSONAL REPRESENTATIVE(S) From: , , Through: , SCHEDULE E Assets on Hand at Close of Accounting Period (Indicate where held and legal description, certificate numbers or other identification.) Estimated Current Value Carrying Value ASSETS OTHER THAN CASH: OTHER ASSETS TOTAL $ ______________ $_______________ CASH: CASH TOTAL $_______________ TOTAL ASSETS (must agree with the Total for Item VI on Summary) $ ____________________________ Bar Form No. P-5.0340 – Page 8 of 8 © Florida Lawyers Support Services, Inc. January 1, 2025 NOTE: Schedule E should be a complete list of all assets on hand reflecting inventory values for each item, adjusted in accordance with any appropriate entries on Schedule D. Current market values for any assets that are known to be different from the inventory or carrying values as of the close of the accounting period should be shown in the column marked Current Value. The total inventory or adjusted carrying value (not Current Value) must agree with the Total for Item VI on Summary.