Probate is the entire court process that oversees property transfer from the estate of one who has died to their beneficiaries. One needs to follow specific processes that depend on several other factors. Some of the factors that need to be considered during this process include whether the deceased had a will or not, the number of beneficiaries, etc.
The most common assets to go through Probate and to be mentioned in the Probate Property List include bank accounts and property. But, here you should note that there are other items that might be required to go through the process. This probate process has to be compulsorily undergone before the items are distributed to beneficiaries.
It is not the title of the property but the types of property, that determine whether they will go through Probate and whether they will be mentioned in the Probate Property List. If the account or deed is in the name of the deceased’s name, then the property becomes a part of the probate estate. And if the property’s title is held jointly with another individual, then the joint owner becomes the sole owner.
There are also possibilities that specific assets may have a designated beneficiary. For example, there are many brokerage accounts that allow you to name an heir. This allows for account transfers without the requirement of probate.
Properties that can be mentioned in the Probate Property List:
- Personal Property (jewelry, heirlooms, vehicles, artwork, etc.)
- Solely titled or tenants in common real estate.
- Bank accounts that are solely owned.
Items that are not subject to Probate
- Life Insurance with a designated beneficiary.
- Joint Tenancy Real Estate
- Property of a Living Trust
The answer to whether any household item will be mentioned in the Probate Property List depends on a few conditions. In cases where the asset is jointly owned, titled, or designated with a beneficiary, then there is no need for the property to go through the probate process.
But if the situation is that the item is not designated for transfer before the loved one’s death, it needs to go through the probate process. After this, the asset will be distributed to the beneficiaries.
Is a Real Estate License needed for Flipping Houses in California?
Flipping Houses in California can be highly lucrative. But for that, you need to have the right knowledge and skill set. But what do we actually mean by Flipping Houses? Well, this process typically involves purchasing a property at a price below its potential or actual value. Once the house flipper is done making changes to the property to increase its appeal and value, he/she can sell the property at a handsome profit.
But the first question that strikes one interested in Flipping Houses in California is whether a real estate license is really needed. Well, to your delight, the answer is a big NO. For flipping houses, there is no law that requires you to obtain a California Real Estate License. But obtaining one is never a bad idea.
What is a Real Estate License?
A Real Estate License is nothing but the license issued by the State that gives you the authority to engage in real estate transactions on behalf of another party. A person or organization with a real estate license intends to buy, sell or lease real property. Anyone who wants to act in this capacity requires a real estate license because serving as someone else’s agent in a real estate transaction requires specialized knowledge and skills.
Benefits of Real Estate Licensure for Flipping Houses in California
Although a license is not compulsory for Flipping Houses in California, having a real estate license will help you make money in real estate. Here are some of the specific benefits that house flippers can have with a real estate license:
(1) Reduced Closing Expenses: Ready to put one of your investments back on the market? But, if you do not possess a real estate license, you might have to take the help of a real estate agent. You are required to pay a sizable commission when the real estate agent sells the property.
But even if you have a real estate license, you have to pay a commission to the buyer’s agent. However, the overall closing costs will be much lower.
(2) Networking Advantages: For a successful business of Flipping Houses in California, you need to have more connections in the real estate industry. You can utilize your real estate license which will help meet other real estate agents, as well as home inspectors, contractors, wholesalers, appraisers, California hard money lenders, and investors. Thus, it goes without saying that this will help build a stronger business.