Unlike probate processes in some countries, Italian inheritance doesn’t automatically transfer ownership of assets directly to individual heirs upon the decedent’s passing. Instead, the process typically involves a declaration of acceptance of the inheritance by the heirs. However, once the legal formalities are concluded, the heirs become co-owners of each and every property within the […]
Tag: inheritance taxes
Testamentary trust: assets in Italy transfer to the trustee without paying inheritance taxes
A Testamentary Trust is created in accordance with the instructions in a person’s Last Will and Testament. Differently from a living trust, the testamentary trust starts having effect after the settlor’s death, and so is the trustee appointed. A testamentary trust can be a good way to leave assets to a specific loved one (usually […]
Joint bank account succession: how it works and how much you pay
The first steps to take in a succession for joint bank accounts are the same as in any other succession, i.e. declaration of succession to the Italian tax authority. The declaration is made by the heirs, or an appointed delegate through a power of attorney, to the authorized (and local) revenue agency (in Italy, Agenzia […]
No tax obligations on those renouncing inheritance
Italian Supreme Court Rules No Inheritance Tax on those Renouncing Inheritance According to the judges, “a person called to an inheritance, who has validly renounced it, is not liable for tax debts of the deceased, not even for the period between the opening of succession and the renunciation even if they are among the successors […]