Posts

Dormant current accounts: how to proceed?

Reading Time: 3 minutes

What are dormant current accounts?dormant current accounts

Recently, new rules on Dormant current accounts have come into force. With the term Dormant current accounts reference is made to contractual relationships entered into with a Bank or another financial intermediary, consisting in sums of money or financial instruments, that have not been moved by the owner for a period of 10 years and have a total sum higher than €100. Savings account books, current accounts, postal accounts, shares, bonds, government securities that have been present on inactive deposits are included in the category of dormant current accounts. Read more

Accepting or Renouncing an Inheritance in Italy

Reading Time: 2 minutes

Italian Inheritance

Accepting or Renouncing an Inheritance in Italy

A 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.

Renouncing an inheritance in Italy

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. Read more

Possible effects of ‘Brexit’ on pensions for UK nationals living in Italy

Reading Time: 4 minutes

Possible effects of ‘Brexit’ on pensions for UK nationals living in Italy

Brexit Referendum

brexit

In his first words since accepting the result of the Brexit referendum (if you were looking for Italy’s Referendum, click here) on Friday, Mr Johnson wrote in 27th June’s edition of The Telegraph that, “EU citizens living in this country will have their rights fully protected, and the same goes for British citizens living in the EU”.

His column said: “The only change – and it will not come in any great rush – is that the UK will extricate itself from the EU’s extraordinary and opaque system of legislation: the vast and growing corpus of law enacted by a European Court of Justice from which there can be no appeal.” Read more

UK property purchasers in Italy after Brexit

Reading Time: 3 minutes

Testamentary Succession in Italy

Reading Time: 2 minutes

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. Read more

Do you, or your family, own Italian assets?

Reading Time: 3 minutes

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. Read more

Why is it worth drafting an Italian Will?

Reading Time: 2 minutes

Why is it worth drafting an Italian Will?

Be sure to prevent any problem!

It is generally recommended that foreign citizens owning assets in Italy draft an Italian Will. This will prevent significant difficulties that heirs might experience when transferring the ownership of Italian properties originally registered in the name of the testator. Under Italian law, all foreign Wills must be authenticated by an Italian Public Notary before going through the Italian probate process.

 

Italian WillAlthough, generally speaking, Italy recognises the validity of international Wills, it is advisable for non-Italian citizens to draft an Italian Will if you own property on Italian territory (house or land). Managing documents drafted in a foreign language (and governed by different legal jurisdictions) in Italy can raise a number of difficulties. As a matter of fact, the Notary will not publish or legalise documents drafted in a foreign language unless they have been translated into Italian by a certified and qualified translator. Read more

Millions of Britons do not have a Will

Reading Time: 2 minutes

The majority of Britons have not written a Will, according to research from the Law Society.50652_fullimage_istock_000067974129_xxxlarge

The representative body for solicitors has now warned that the consequences of dying without a valid will can be dire for those left behind.

The research revealed that 73 per cent of 16-54 year olds don’t have a Will, while 64 per cent of people over the age of 55 have made their final wishes clear in a will. The research also found that men are more likely to have a Will and keep it updated than women. Read more

Cross-Border Inheritance Law (Brussel IV)

Reading Time: 4 minutes

Cross-Border Inheritance Law. How Does New EU Succession Legislation Impact You?

This article looks at the new EU Law 650/2012, also known as the Brussels IV Regulation, which came in to effect on 17th August 2015.

Although the UK, Denmark and Ireland have opted out of participating in Brussels IV, there are still implications for nationals of these countries who reside in a participating EU Member State or have a connection to a participating EU Member State, for example a holiday home.

Cross-Border Inheritance LawPrior to the introduction of Brussels IV, each EU jurisdiction applied its own rules to govern the devolution of individuals’ property. For individuals with assets in more than one country, various Connecting Factors were considered such as domicile, residence, nationality or habitual residence, in order to determine which country laws should apply to an individual’s estate. In addition, for some EU states, applicable succession law depended upon whether the assets were immovable (property and land) or movable (bank accounts, vehicles, furniture, jewellery and so on). The fact that each jurisdiction applied different Connecting Factors often led to costly, lengthy and complex conflicts of laws. Read more

Inheritance Matters

Reading Time: 2 minutes

Inheritance MattersInheritance matters. There is a gentle parody currently doing the rounds. Allegedly, the late lamented Italian novelist, philosopher and interpretive semiotician Umberto Eco has left a Will that neither his lawyers nor beneficiaries can decipher.

Obviously a Will should be accurate, concise and straightforward. Even if your life is highly complex, an experienced lawyer should be able to make sense of your legacies. Read more