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By In Inheritance, Inheritance Law, Italian law, Italian Will, Law, Law Firms in Italy, Notaio, Notary

What Is The Role of An Executor of An Italian Will?

A testator (but only a testator) may appoint an executor in his /her Will in order for testamentary dispositions to be carried out.executor

If you appoint him/her in your Will, your executor ensures that your last wishes and the administration of your estate are taken care of. In order to do this, unless you have stipulated otherwise in your Will, your appointed executor undertakes to manage your estate with all reasonable care.

In Italy this  includes managing all probate and succession procedures in accordance with Italian legislation. The executor takes possession of all the assets included in your estate and manages the distribution of assets and bequests to heirs in accordance with your Will. Where an executor has been appointed, your  heirs may neither manage nor dispose of your assets autonomously.

Appointing an executor is highly recommended in complex personal or patrimonial frameworks: if your estate involves cross-border assets , where an heir is legally deemed incapacitated, if an heir is under the age of 18, if your estate is to be transferred to heirs who live outside of Italy and or heirs are not Italian nationals or heirs who the testator feels may have vested or conflicts of interest. (more…)

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By In Inheritance, Inheritance Law, Italian law, Italian Will, Law, Law Firms in Italy, Notaio, Notary

Accepting or Renouncing an Italian Inheritance

italian inheritanceA beneficiary can either renounce or accept the right to an Italian inheritance. A beneficiary acquires the qualification of heir as soon as an inheritance is accepted. Once accepted, the qualification of heir is irrevocable.

How does acceptance work?

Acceptance to be an heir can be made expressly or tacitly. In either case, acceptance must be manifested within 10 years from the opening of the succession process. The express acceptance of an italian inheritance takes place when the heir declares a willingness to accept the status of heir, by means of a notarial or a private deed. Tacit acceptance takes place when someone acts in such a way that the acceptance to inherit assets can be implied or inferred. (more…)

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By In Inheritance, Inheritance Law, Italian law, Italian Will, Law, Law Firms in Italy, Notaio, Notary

Testamentary Succession in Italy

testamentary successionItalian inheritance law dates back to the Roman Law tradition. It is based on the principle that the deceased’s close family members merit special protection. This partially limits the right of the testator to dispose of assets entirely as he/she wishes.

Testamentary succession can be defined as the assignment of hereditary assets, the estate, of a deceased testator in compliance with the decisions of the testator as set out in an Italian Will. A Will is a legal document drafted and signed by the decedent through which disposal of an estate is determined following death. (more…)

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By In Inheritance, Inheritance Law, Italian law, Italian Will, Law, Law Firms in Italy, Notaio, Notary

Do you, or your family, own Italian assets?

Italian assetsIf you, or your family, own Italian assets, it is advisable to research and prepare for the future of those Italian assets. You can watch our short video on this subject here: http://bit.ly/1VDqOnY

Inheritance and probate laws vary from country to country and it is unlikely that the Italian assets will be subject to the same procedures and laws as the assets at home. (more…)

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