How Long It Takes To Settle An Estate in Delaware after you inherit the property and open an estate or probate.
Video Transcription
Okay. The million dollar question is that … and there’s a lot of confusion over, when I work with homeowners, is how long it takes to settle an estate in Delaware. And we run across this issue many times. For instance, a homeowner will be trying to sell their property and they expect that they’ll be able to take their cash home with them right at settlement. But it’s actually not the truth. When someone passes away, you have 10 days to file, to open the estate, once they pass away. And then after that, the estate has to open for at least, at least a minimum eight months, eight months to give creditors enough time to file against the estate and lay claim to it. Eight months is the minimum. It doesn’t have to be with months, you can leave it open much longer. Not a problem at all. But the minimum is eight months. And you can still sell your property before eight months. That’s not a problem at all but you won’t be able to collect the money. The money has to sit in an attorney’s escrow account. The way that we work it and I guess anyone would work it, if you wanted to sell the property before the eight months are up, the proceeds of the sale have to sit in an attorney’s escrow account.
It can be our attorney or if you have another attorney, that’s fine as well. And the money has to sit there until the estate can be closed. At that point, the funds will be released to you. I hope that clears everything up and if you have any other questions, please feel free to reach out. We can give you attorney referrals or explain a little bit more about how the process works and how we work in that process and any questions at all. No obligation. You can give us a call or fill out the form on our sit webuyhomesde.com. Thanks so much guys. Hope you’re doing well. I shot this video, as you can tell, it’s a little cold out. I’m in Bear, Delaware. If it’s winter time there, stay warm. It’s been cold the last few years here in Delaware. Either way, I hope to hear from you soon. Thanks.
If one of the siblings buys the house does it come with everything in the house or does the stuff in the house have to be sold and once sold does that go into the pot of money that belongs to the other siblings . I have a sister that is making changes to my fathers house in Millville Delaware because she wants to buy it shouldn’t that be done after my other sister and I receive our inheritance ?
Hi Gerri!
Thanks for reaching out! I believe all of the personal items are considered to be assets of the estate and should be treated as such. It may depend on the estimated value of the items. But that is a good question and I am not 100% sure. It would be good to contact an attorney about this, especially if there is a lot of assets at stake. I would be happy to chat with you, you can call/text my cell directly at 302-648-2890 if you need any more help, thanks!
My uncle left his home to my father. With a mortgage still attached. My dad is no longer able to make payments. He wants me to assume the property. Mortgage is still in my uncles name. Illegally and Delaware what are my options ? We currently live at the property.
Hi Ashley,
If you want to keep the property, I would talk to the mortgage holder and see what options they provide you. They may allow you to assume the mortgage, but I am not sure. If you want to sell the property and the house is worth more than the mortgage, then you can list with a realtor or sell to a company like ours. You can also do a short sale if your house is worth less than the mortgage. Also, I recommend speaking with an attorney on the matter, as I cannot give out legal advice and am just providing feedback on my experience.