Italian will: everything you need to knowItalian Law provides two kinds of succession schemes:
- Intestate Succession (or ab intestato) in absence of a will;
- Testamentary Succession, in presence of a will
- The beneficiary has reached 18 years of age;
- The testator must be the legal owner of the interested assets;
- The testator must be of sound of mind. In other words, the testator must have full mental capacity in order to have testamentary capacity.
- Holographic Will
- Public (Formal) Will
- Secret Will
Preparation of the Italian WillIn the event of Italian will preparation, it is recommendable to get the advice of an Italian lawyer. Furthermore, Will and probate involve taxation matters so that an Italian accountant should be consulted as well. However, in the event of the existence of a valid testament, Italian law recognises to some relatives the right to take over the division of the estate. Then, technically, the testator cannot freely dispose of his patrimony. In this last case (called Successione Necessaria), Italian law affirms that a minimum statutory share of the estate must be allocated to an immediate family member before that the rest of the asset may fallow testator’s will. Then, it is paramount to understand to which extent the testator may freely dispose of his patrimony according to the Italian Law. During the drafting stage, it may arise the need of implementing changes to terms and beneficiaries of the will. In this last case, it is suggested to contact an Italian lawyer that may provide you with guidance. While it is recommended to avoid deep and frequent changes to the testament, a will can be changed in all of his components. However, it is important to highlight that only the most recent change will be considered valid.
Foreigner and Italian WillItalian law recognises the validity of an international will. However, a foreigner is recommended to draft an Italian will if they:
- Permanently live within the Italian territory;
- Own real estate assets within the Italian territory.