1. The Statutory Right to Waive Accounting
Preparing a formal Florida Probate Rule 5.346 accounting with extensive schedules can cost thousands of dollars in fiduciary and CPA fees. Fortunately, Florida law permits beneficiaries to waive this requirement.
Under Florida Probate Rule 5.400(f) and Fla. Stat. § 733.901, if all interested persons who are entitled to receive distributions execute a written waiver, the personal representative is relieved of the obligation to prepare and file a formal accounting with the court.
2. Key Elements of a Valid Fiduciary Waiver
To be legally effective and withstand judicial review, a waiver of accounting must:
- Be executed in writing by competent adult beneficiaries or authorized legal representatives;
- Contain an explicit waiver of formal filing and service of the Rule 5.346 accounting;
- Acknowledge receipt of an informal accounting or complete financial summary;
- Include consent to the proposed final distribution and personal representative compensation;
- Waive notice of hearing on the Petition for Discharge.
3. Beneficiary Receipts on Distribution
Before the probate court signs the Order of Discharge relieving the personal representative of all future liability, the PR must file Receipts of Beneficiary (or proof of distribution). Each heir must sign a receipt confirming they have received their designated bequest, cash share, or deeded real property interest.
4. Order of Discharge: The Fiduciary Shield
Once the petition for discharge, waivers, and receipts are filed, the judge enters an Order of Discharge. Under Fla. Stat. § 733.901(2), the entry of this order permanently releases the personal representative and bars any future suit for breach of fiduciary duty, absent clear and convincing evidence of fraud or intentional concealment.