Delaware Estate Administration
Estate administration is the process of managing and distributing a person's assets after they have passed away. It involves identifying and valuing assets, paying off debts and taxes, and distributing assets to the heirs in accordance with the deceased person's wishes in their estate plan or pursuant to Delaware’s intestacy statute.
In Delaware, the process of estate administration is governed by the Delaware Code, which outlines the legal procedures for managing and distributing a person's assets. The process can be complex and time-consuming, especially if the deceased person had a large or complicated estate. It is important to work with an experienced estate administration attorney who is familiar with Delaware law and can guide you through the process.
Identifying Assets
One of the first steps in estate administration in Delaware is identifying and valuing the deceased person's assets. This can include bank accounts, investments, real estate, and personal property. It is important to obtain appraisals and other valuations to ensure that assets are distributed fairly and accurately.
Identifying Creditors
Another important aspect of estate administration is identifying creditors and paying off debts and taxes. This can include outstanding bills, administrative expenses, funeral expenses, and any taxes owed by the deceased person or their estate. It is important understand the priority of debts and expenses to ensure that everything is paid off in a timely manner pursuant to the Delaware Code.
Closing the Estate
Once debts and taxes have been paid, the estate can be closed with the Register of Wills, and the remaining assets can be distributed to the heirs in accordance with the deceased person's wishes. This can be done through a will, trust, or other estate planning tool. It is important to follow the proper legal procedures to ensure that assets are distributed correctly and that there are no disputes or legal challenges.