Editing and Deleting smart folders

The web app allows users to create smart folder based on which files are displayed. See wireframe below

mockup

download bmml source – Wireframes created with Balsamiq Mockups

How should I go about deleting this new Smart folder?

mockup

download bmml source

Give them a manage button that allows them to edit and save the smart folders? Or should I provide edit and hide folders on hover?

I'm trying to stay away from the pop up (are you sure you wanna delete this), tending towards the first one (Manage, Save) but that forces the user to do an extra step each time he wants to edit.

Note: There is no data whether users will create these smart folders or edit them or bother to delete them. But these interactions will occur multiple times in the application and I want to be consistent throughout.