After losing a loved one, the last thing you might feel like doing is working your way through the Delaware probate process. Many families will be required to do it, though, so you should take the time to learn what to expect. Talk to a representative from Rockpoint Probate Funding to discover more about how we can help.
What Is the Delaware Probate Process?
Hopefully, your loved ones will take estate planning seriously and create wills to make the Delaware probate process easy for you and your family. But even if a loved one comes up with a will, you’ll need to have it legally validated by the Delaware Probate Court in many cases. This formality ensures you and your family can honor your loved one’s last wishes while paying off outstanding debts and ironing out any disputes over assets.
Is Probate Required in Delaware?
Yes, probate is required in Delaware, but there are a few exceptions to this rule. For instance, if your loved one put together a living trust before their death, it may contain bank accounts, life insurance policies, retirement accounts, real estate, and other assets that will automatically transfer to their chosen beneficiaries.
You might also have the chance to skip the Delaware probate process if your loved one didn’t have any real estate property in their name and accumulated assets worth under $30,000. In this case, you can typically avoid Delaware probate by filling out a Small Estate Affidavit.
How Long Do I Have To Start the Probate Process in Delaware?
Some states give families months or even years to start the probate process, but not Delaware. You and your family must act immediately to move the Delaware probate process in the right direction. The Decedents’ Estates and Fiduciary Relations guidelines state that you must submit a loved one’s will to the state within 10 days.
After doing this, the Probate Court will help appoint an executor for this estate, and this person may collect executor compensation for the time they’ll spend validating and executing your loved one’s will. Here are the steps that will follow:
- The executor starts by creating your loved one’s estate and advising heirs about their death.
- The executor takes inventory of your loved one’s assets and arranges to have all items appraised.
- The executor pays all outstanding debts for your loved one, including any taxes they owed at the time of their death.
- The executor begins distributing the assets listed in your loved one’s will to their heirs.
- The executor finishes things off by closing your loved one’s estate.
How Long Does the Delaware Probate Process Take?
It isn’t easy to predict how long the Delaware probate process takes since it all depends on everything from the size of a person’s estate to the disputes that can arise while a person’s will is executed. The probate process might only take a few weeks for a small estate with no disputes, but it could take over a year for a large estate that includes disputes over a person’s will.
You and your family can keep the probate process in Delaware moving along by:
- Choosing the right executor
- Submitting the proper paperwork on time
- Coming to agreements on possible disputes in advance
Even if you take these steps, though, the probate process in Delaware might drag on for over a year or more. Creditors receive up to eight months to make claims on a person’s estate, so you’ll likely spend at least that long going through the probate process.
What Should I Do If a Loved One Dies in Delaware Without a Will?
If a loved one dies in Delaware without a will, you’ll have no choice but to follow the state’s intestate succession laws. It’ll be up to the state to decide how to distribute your loved one’s assets, depending on the laws in place to guide its decisions.
This is the order in which the state will distribute assets based on its intestate succession laws:
- Children first if a person died without a spouse
- Spouse first if a person died without any children
- Spouse first and other descendants if a person died without any children
- Spouse first and then parents if a person died without children
- Parents first if a person died without a spouse or other descendants
- Siblings first if a person died without a spouse, children, or parents
Is There an Estate or Inheritance Tax in Delaware?
No, Delaware doesn’t have an estate or inheritance tax, but you may be taxed on any assets outside Delaware that your loved one owned.
Can I Secure an Inheritance in Delaware Before the Probate Process Ends?
If you could use your portion of an inheritance right now, but you know the Delaware probate process is poised to take months to play out, you might wonder whether there is any way to secure it in advance. You’ll be happy to hear that Rockpoint Probate Funding can help you land a probate cash advance in exchange for a specific percentage of your inheritance, to be paid at a later date.
How Does the Rockpoint Probate Funding Process Work in Delaware?
If the prospect of securing a probate cash advance sounds helpful for your situation, know that Rockpoint Probate Funding makes it easy to do. Simply follow these steps:
- Set up a free consultation to learn about Rockpoint Probate Funding’s probate cash advances and how they work.
- Provide Rockpoint Probate Funding with information about yourself and a copy of your loved one’s will for review.
- Find out whether you’re approved for a probate cash advance and receive it within 24 hours if you are.
- Wait until the end of the probate process to repay Rockpoint Probate Funding.
Interested in Acquiring a Probate Cash Advance? Contact Us Now
Securing a probate cash advance from Rockpoint Probate Funding can help your family navigate a tough time. Call us now at (888) 263-8588 to hear how a cash advance can benefit your family during the Delaware probate process.
