We have teamed up with Avv. Carlo Bottino from Anglo Italian law to better service clients looking for advice on succession planning, drafting a will and reviewing the tax aspects.Â
Below is a series of FAQ’s we have produced, together with our observations, covering the most common questions that we are asked and our suggested solutions. There is no one-size- fits all solution and each individual’s circumstances – what is likely to be in the estate at the time of death, where they are likely to be living, who are the desired heirs/beneficiaries, and whether Italian law can override any personal preferences as to the destination of assets on death.
Our focus, and indeed our experience, is on individuals living in Italy, either originating from other countries or with investments, pension funds, real estate and other assets both within and outside Italy.
The will therefore is usually the last matter that needs to be deal with in the process. What goes in the will depends on the above factors and the inheritance tax analysis. Apart from doing a will, people should consider making provision at the same time for the possibility of mental capacity at some future stage. Also since one of the main reasons for making a will is to facilitate the administration of the estate immediately after death, preparation of the will is often a good occasion to prepare a list of assets, so that your executors or heirs can find their way around. A listing of assets and estimated values at the outset is crucial for forecasting inheritance tax, tax on capital gains due and property transfer taxes on death, looking at optimisation strategies .
Feel free to contact us if you would like more details of our services relating to wills, succession and tax.
Only a small percentage of Italians have a will at the time of their death, but the number is increasing – partly due to advertising campaigns by Italian charities to request legacies in their favor. Another reason for the low number of wills in the Italian context is the “forced heirship” rules which operate to give certain family members a right to all or a substantial part of the estate of death. If a will is simply going to mirror Italian forced heirship rules, there may be little point in going to the expense of making one. There is a perception that these rules cannot be overridden by a will, but this is by no means true (or at least workarounds exit).Â
We have a number of resources online apart from the FAQ;
- Our client sign up form to sign up as a client;
- A will questionnaire;
- Italian inheritance tax table;
- Table of legitimate heirs;
- Table of bare property/usufruct values.
Our fees for the services involved depend on complexity of the estate and our estimate of our time to do the work. We will always be happy to quote a fixed fee once we have scoped out the work and explain in advance the final fee amount due, after the addition of expenses, statutory social security contribution and VAT.