Italian inheritance law is based on the last will of the deceased, the property may be movable or immovable nature. The heirs succeed jointly to the estate to both assets and liabilities in equal portions, unless otherwise provide for in the testament.
Property Inheritance law in Italy of an estate is accepted in its entirety and that multiple heirs become the co-owners of the entire estate. Heirs can request division of assets, but only after accepting ownership of the estate.
Writing a will in Italy a person should be legally eligible for will at least 18 years old. The documents needed for the wills are,
Ø Personally, handwritten by person making the will
Ø Dated & Signed
Ø Written on any paper or another medium, in any language
If there is no will, quotas are predetermined by Italian inheritance laws. The first consider are immediate family member (spouse, children or even parents depending on the age of the testator). if there are no family members then second degree is relatives’ brother or sister are considered, then third-degree and so on.
Inheritance tax in Italy has a very low inheritance tax rate, and compared to most countries and Italy only requires 4% of inherited assets for recipients in the first degree of relation. In Italy testate successions is governed by the will, subject to its content complying with articles 587 to 712 of the Italian civil code. Italian law contemplates four types of wills.
Ø The Holographic Will
Ø The Public Will
Ø The secret Will
Ø The Special Will
The inheritance estate is composed of two kind of shares,
Ø Available shares which is testator can distribute without legal restriction.
Ø Minimum Shares which are those parts of the estate reserved by law to determine all individual.
Studio Legal Stornelli is boutique law firm working with international clients who have interest or issues in Italy. All our attorneys have sustainable experience providing judicial and extrajudicial legal assistance is several fields of Italian Law.
We have all expert lawyers to solve and explain about all law to you very firmly. We provide legal assistance for a wide range of matters related to Italian Property law. We also provide service such as,
Ø Real Estate Due Diligence
Ø Italian Power of Attorneys
Ø Preliminary sale and Purchase Agreement
Ø Tax and inheritance planning assistance
Ø Italian tax code
Ø Documents International validation services
Ø Property Management