Italian inheritance law dates back to Roman times and is founded on the premise that close family members of the deceased should be granted special protection. In effect this limits the right of the testator to dispose of his or her own assets entirely as he or she wishes.
This is just one example of the complex facets in Italian inheritance law that requires a substantial amount of information to cut through the legal red tape. It is therefore worth seeking the advice and support of an expert in the field to facilitate the processes and procedures that must be undertaken following the death of anyone owning assets in Italy.
Over the years we have worked on numerous cases advising clients around the world on cross border inheritance. No two cases are ever the same and the situation can become complex when accepting legal succession in Italy as it may also imply fiscal obligations that the inheritor could be reluctant to assume.
It is worth noting that a heir always has a right to renounce their rights to inherit. In fact they only qualify as heirs once they accept the succession, within 10 years after the death of the deceased. Once accepted the decision is irrevocable.
Generally speaking, successors decide to renounce a succession in cases where the deceased’s debts exceed the value of the assets to be inherited.
Consulting an expert independent professional is vital if you are to make informed decisions on how best to proceed in your particular case. An expert will be able to provide useful information about debts and charges on the inherited assets and the duties of the heir, as well as provide advice based on a comprehensive inventory of the assets in question.
As mentioned in an earlier post, we operate a virtual legal service which means we can do all the research on your behalf to determine what your inheritance involves and give you a complete overview without your having to leave the comfort of your home.
Some of the key areas we focus on in inheritance include;
- Determining applicable succession law
- Relinquishing Italian inheritance
- Calculating and settling succession taxes
- Preparing succession documents
- Filing succession paperwork
- Putting the estate in the beneficiaries’ name
- Claiming life insurance payments
- Withdrawing funds from bank accounts
- Arranging goods shipment overseas
- Liquidating estates
- Selling invested funds
This list is by no means exhaustive and our expertise in cross border inheritance enables us to give you a comprehensive estimate with detailed cost breakdown, including our fees, charges to third parties and taxes, from start to finish.
Please do get in touch if you have any queries regarding inheritance issues in Italy. We would be more than happy to shed some clarity around your particular situation.
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