Delaware Probate | Delaware Inheritance Advances
Probate Process in Delaware
In Delaware, the governing body that oversees the transfer of assets from a deceased person to the heirs is the Delaware Probate court. Probate in Delaware serves a vital role in that it methodically collects all assets together into a single estate, takes care of all outstanding debts that were left unpaid, identifies the legal heirs, and ensures the heirs receive what is fair under the law.
Delays To Your Inheritance In Delaware
Delays are everywhere in the Delaware probate process. Most heirs assume the inheritance process lasts just a few months, especially if there is a will. This couldn’t be further from the truth. According to a national AARP report on the Probate process, the average estate is open for 17 months by the time it actually closes and pays out to the rightful heirs; that’s basically a year and a half of legal procedure holding the money your loved ones wanted you to have.
Most Common Questions About Delaware Inheritance Law
If you have no legal background, Delaware probate law may appear confusing. Use these answers to frequently asked questions to help guide you.
Is Probate Required in Delaware?
Delaware requires probate in most cases, though you can find some exceptions.
How Do You Avoid Probate in Delaware?
You can skip probate by establishing a living trust for an asset. You must designate someone as your trustee should you die, and you also have to transfer ownership of the asset to yourself as the trustee. Other ways to avoid probate include:
- Joint ownership
- Transfer-on-death registration for securities, vehicles and real estate
- Payable-on-death designations for bank accounts
How Long Does Probate Take in Delaware?
It can take up to a year for probate in Delaware, though it sometimes moves much faster. You can decrease the amount of time in probate by declaring a small estate, which is reserved for those with low monetary or property value.
How Long Do You Have to File Probate After Death in Delaware?
The will must be filed with the state within 10 days of someone’s death.
What Happens if Someone Dies Without a Will in Delaware?
If you die without a will in Delaware, your estate is subject to intestate rules. The state will distribute your property among your closest living relatives, including your spouse, any children and your parents, if they are still alive.
Does Delaware Have an Inheritance or Estate Tax?
There is no Delaware inheritance tax, although if you inherit from someone who lives in a state with an inheritance tax, you are subject to the tax. Delaware also doesn’t charge an estate tax.
How Are Spouses Affected by Delaware Inheritance Law?
Delaware is not a community property state but rather an equitable distribution state. When you die, your spouse is entitled to your entire estate if you don’t have any surviving children or parents. If you do have other living descendants, your estate may be divided in several ways:
- Your spouse receives $50,000 plus half the balance of your estate if you have surviving children. Your spouse also gets the right to use your real estate. The remainder of your estate goes to your kids.
- If you have no surviving children but your parents are still alive, your spouse gets the same rights. They receive $50,000 of the estate and half its balance, plus rights to real estate for life. The rest goes to your parents.
Access Your Inheritance In Delaware Immediately
If you’re an heir to an estate going through probate in Delaware, don’t be discouraged. With an inheritance advance from Inheritance Funding Company, you can access as much of your inheritance as you’d like immediately. In over more than 25 years of business, IFC has advanced well over $180 million to thousands of heirs all over the United States. If you’re dealing with the Delaware probate process, give our friendly staff a call today and see how quickly you could receive your inheritance. The consultation and quote are absolutely free and we’re more than happy to answer any questions you may have about the process of probate in Delaware.