Delaware Code Title 12 Sec. 1901 – Personal property constituting assets of estate; exceptions; employee …
(a) Estates in lands, tenements and hereditaments held by the decedent for the life of another shall be chattels; and such estates, estates by elegit or for years, the crop of the decedent growing or begun (except on lands devised by the decedent), bank and other stock, money (whether in hand or deposited), and all goods and chattels shall be assets and included in the inventory.
Terms Used In Delaware Code Title 12 Sec. 1901
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
- Legatee: A beneficiary of a decedent
(b) The following articles shall not be included in the inventory: The family Bible; clothes of the decedent; and the family stores laid in before the death of the decedent.
(c) If, under the terms of any insurance policy or contract, pension, bonus, stock option or other employee benefit or incentive plan, a person, trust or corporation, other than the decedent or the decedent’s estate’s personal representative, is designated to receive, upon or after the death of the decedent, any property or other death benefit, such property or death benefit shall not be included in the inventory of the decedent as chargeable to the decedent’s personal representative; and such person, trust or corporation shall be entitled to such property or death benefits as against the claim of any personal representative, creditor, legatee or next of kin of the decedent.
(d) Subsection (c) of this section shall apply to designations whether made prior to or subsequent to the enactment of this section with respect to decedents dying after June 30, 1969. This section shall have no effect on the validity of other designations, nor shall it affect the calculations of estate taxes with respect to any decedent.
Code 1852, § ?1804; Code 1915, § ?3363; Code 1935, § ?3828; 12 Del. C. 1953, § ?1901; 57 Del. Laws, c. 76; 59 Del. Laws, c. 384, § ?1; 70 Del. Laws, c. 186, § ?1; 71 Del. Laws, c. 353, § ?6;