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Taxation in the Division of an Italian Estate: Jointly-Held Assets
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…
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Joint Inheritance: A Recent Ruling by the Italian Supreme Court
Recently, the Italian Supreme Court (Corte di Cassazione) ruled on a complex case of joint inheritance, providing important clarification on the legitimacy of legal action by individual heirs. The case began with the death of one of two business partners. The surviving partner, without involving the deceased partner’s heirs, registered all the company assets in…
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Invalidity of Agreements Waiving Future Inheritance Rights: A Recent Supreme Court Decision
The Italian Supreme Court recently reiterated that agreements in which parties waive their future inheritance rights are invalid under Italian law. In the case examined by the Court, the agreement was particularly insidious because it initially did not appear to violate the law. However, the Court identified and sanctioned it. Here are the facts. Upon…
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Inheritance Division in Italian Law
Italian law allows for two main scenarios regarding the division of an inheritance (Articles 713-736 of the Italian Civil Code): Division Process The division process can be either: Court-ordered Division The judge will propose a division plan (Art. 785 Italian Code of Civil Procedure). If everyone agrees, the division is executed. If there is any…