Wills and Succession Planning

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 inheritance tax position.

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 their, death where they are likely to be living, who the desired heirs, whether Italian 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. 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.  That listing of assets can also be used to model out the inheritance tax due.

Feel free to contact us if you would like more details of our services relating to wills, succession and inheritance 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 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. There is a perception that these rules cannot be overridden by a will, but this is by no means true.  What can be difficult is excluding a particular individual from a class of beneficiaries  (e.g  removing the rights of inheritance from one of two or more children).

We have a number of resources online apart from the FAQ;

  • Our client sign up form to sign up as a client;
  • A web form to gather and collate a listing of your assets;
  • A will questionnaire in the event you  prefer not use the form;
  • 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.