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Dormant current accounts: how to proceed?

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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

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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

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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

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Testamentary Succession in Italy

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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?

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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?

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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

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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

Power of Attorney

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ImmagineAs a solicitor, I am often engaged to act on behalf of my clients in very important legal matters. My clients trust me, my knowledge and experience to handle their affairs by giving me a Power of Attorney. You may have heard of a Power of Attorney, but do you know exactly what its purpose is or when it is used?

In order to shed a little light on the subject, here are a few basic facts about a Power of Attorney together with the legal ramifications as they pertain to purchasing and/or inheriting real estate property in Italy Read more

Brexit Jitters?

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brexitAbout 26,000 British nationals are registered in Italy, according to Italy’s National Institute of Statistics. The British embassy in Rome believes the true number of British residents in Italy is double that.

A significant fear for those concerned about Britain leaving the EU is the potential mass exodus of both Europeans and Britons from each other’s respective nations. In 2015, former Attorney General, Dominic Grieve claimed that: “… EU exit would make 2 million Britons abroad illegal immigrants overnight.” Read more