Inheritance and debts under Italian Law
Under Italian Law, debts of the deceased may expire and this exempts the heirs from their payment. In order to know how many debts are related to an inheritance, it is necessary to submit a formal request to the bank where the deceased used to have one or more bank accounts, in order to obtain his account statements. […]
Minors and Inheritance
Under Italian Law, when an heir is a minor, the inheritance shall be accepted by his legal representative (such as the parent) in the best interest of the minor himself. In this case, the law provides that the acceptance of the inheritance shall be made with the benefit of inventory. The acceptance of the inheritance […]
Bank account of the deceased: what happens?
Under Italian Law, if the holder of a bank account dies, the heirs inherit his bank deposits, including investments and cash. Only heirs who have accepted the inheritance are entitled to inherit the bank account, even when the acceptance has been made with the benefit of inventory. The first step is to notify the bank […]
Liabilities of the estate
When a person dies, his inheritance may consist either of an estate composed by assets and/or liabilities. The difference between the assets and liabilities of the estate is the value of the estate (on which inheritance tax is paid). However, it may also happen that the deceased leaves only debts with no assets and this puts […]
Inheritance tax in Italy
Under Italian Law, inheritance tax is due over the wealth transfer following to the death of the deceased relative. The assets and rights transferred constitute the so-called estate (attivo ereditario), while the debts of the deceased constitute the liabilities of the estate (passive ereditario). Inheritance tax applies to the difference between the assets and […]