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Old Oct 7th 2017, 2:45 pm   #1
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Default joint names or Will/testament & death cert

Parents (elderly) newly moved to Italy mulling over pros and cons, for both ease of inheritance and also if I need to pay any of their bills later on, care costs etc....

Options are that they should put my name on their bank and shares accounts or whether just do the Will (notarised?) plus death certificate, that I assume the banks will want (but please let me know if this is accurate).

There is also the question of their home in Italy - they were told by friends that adding my name would be expensive. Is this correct?

A friend of mine suggested joint names, as he did that with his own parents - but that was years ago. There might be the income tax reporting hassles for me, as they have some shares based products, but would be smooth to just clear out instead of bureaucracy upon death.

I have no siblings. We want to finalise it as we constantly chat about it but nothing ever gets done!

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Old Oct 8th 2017, 7:04 am   #2
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Default Re: joint names or Will/testament & death cert

Adding your name to the propertty is expensive, and costs about as much as buying it in the first place. Even if you are an added name on a bank account, it could well be frozen when the other name on the account dies. The best recourse is a proper will done in Italy with a notary, which means the succession can be done virtually immediately and registered. For you the important thing to do is to get a codice fiscale, which you will need when you inherit. Giving you a power of attorney wouldnt be a bad idea, so if they cant pay bills etc you can step in..
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Old Oct 8th 2017, 9:29 am   #3
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Default Re: joint names or Will/testament & death cert

I'd get a bank account in joint names. From experience, tackling banks even with a power of attorney can be very frustrating.
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Old Oct 8th 2017, 11:06 am   #4
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Default Re: joint names or Will/testament & death cert

I know someone who wanting to do the right thing notified the bank of their partner’s death. The joint account they had was then suspended until after succession was sorted, they had no money for that period, so you do need to be careful.
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Old Oct 8th 2017, 11:32 am   #5
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Default Re: joint names or Will/testament & death cert

modicasa - do you mean I need a codice fiscale or my parents? My parents have one each.
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Old Oct 8th 2017, 2:18 pm   #6
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Default Re: joint names or Will/testament & death cert

We are resident and jointly own a property and bank account (but not married)in Italy. All my 3 British resident children (not my OH's) applied for and have Codice Fiscale's because I heard that it was easier to sort things out after we die if they had such. It's not difficult and can be done online.
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Old Oct 8th 2017, 3:21 pm   #7
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Default Re: joint names or Will/testament & death cert

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We are resident and jointly own a property and bank account (but not married)in Italy. All my 3 British resident children (not my OH's) applied for and have Codice Fiscale's because I heard that it was easier to sort things out after we die if they had such. It's not difficult and can be done online.
OK, so I can apply for codice fiscale from UK, as a British citizen - great.
I saw it online here http://www.conslondra.esteri.it/cons...odice_fiscale/

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Old Oct 8th 2017, 5:26 pm   #8
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Default Re: joint names or Will/testament & death cert

Although just reading a legal Italian site online and it says all this!

1) affidavit regarding property cadastral value (a/k/a assessment value or rateable value, for inheritance tax purposes;

2) inheritance tax payment receipt (see below);

3) certified copy of the Will (if there is a Will) and affidavit confirming you are the legitimate beneficiary;

4) if there is no Will (i.e., intestate inheritance by law), an affidavit stating that you are the sole beneficiary by law, along with a legal Italian translation;

5) property tax record information;

6) death certificate copy;

7) appointment of an Italian domicile for tax purposes, i.e., an address in Italy for Italian tax authorities to notify you possible communications after you claim the estate.

Does anyone know what to do about the x2 affidavits mentioned?
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Old Oct 9th 2017, 6:21 am   #9
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Default Re: joint names or Will/testament & death cert

Any heir needs a codice fiscale.
1. <The property is in ITaly so no affidavit is needed.
2. Yes you will pay the tax when you do the succession
3. If theres a will made in ITaly in Italian in front of a notary, it doest need certifying
4. If there is no will then Italian succession law takes precedence, and as the only child you are the only heir.
5. Your parents will be keeping their receipts - but presumably as prima casa they are exempt from IMU.
6. Obviously you will need this.
7. Yes, but you can nominate the property you are due to inherit.
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Old Oct 9th 2017, 8:43 am   #10
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Default Re: joint names or Will/testament & death cert

Thanks for clarification, you have been most helpful.

Another question - inheritance tax (I heard rumours they might be changing it) is 1 mill euro per person or per couple?
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Old Oct 9th 2017, 9:53 am   #11
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Default Re: joint names or Will/testament & death cert

There is no inheritance tax as such, but taxes on the succession, which everyone pays. Its connectedto the rateable value of the property and money in the bank.
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Old Oct 17th 2017, 9:11 pm   #12
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Default Re: joint names or Will/testament & death cert

Another question.

Currently we have the olografico handwritten wills in place.
Do we need the more formal testamento publico? given I am a foreigner?

I am listening to rumours and need some experienced views!
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Old Oct 18th 2017, 6:02 am   #13
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Default Re: joint names or Will/testament & death cert

It doesnt matter that you are a foreigner, its more that you dont speak Italian.
A testamento olografico is fine, but if its an old one, which says they ar British and want the succession according to the law of the country of their nationality, it's no longer the case. As residents in Italy, the UK has washed their hands of them, and its the law of Italy which takes over. if they go to a notary, they can quite clearly let the notaio know that you are the only heir and will inherit everything. If thats the notaio that you subsequently use for the succession, it will undoubtedly make things smoother.
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Old Oct 18th 2017, 8:29 am   #14
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Default Re: joint names or Will/testament & death cert

Quote:
Originally Posted by Iamjustme View Post
Thanks for clarification, you have been most helpful.

Another question - inheritance tax (I heard rumours they might be changing it) is 1 mill euro per person or per couple?
Yes, the first €1,000, 000 is untaxed at the moment, but they must be declared.
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Old Oct 18th 2017, 8:57 am   #15
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Default Re: joint names or Will/testament & death cert

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Originally Posted by modicasa View Post
It doesnt matter that you are a foreigner, its more that you dont speak Italian.
A testamento olografico is fine, but if its an old one, which says they ar British and want the succession according to the law of the
country of their nationality, it's no longer the case. As residents in Italy, the UK has washed their hands of them, and its the law of Italy which takes over. if they go to a notary, they can quite clearly let the notaio know that you are the only heir and will inherit everything. If thats the notaio that you subsequently use for the succession, it will undoubtedly make things smoother.
I speak Italian. One of my parents is Italian and one is British.

The olografico wills are not old, and does not say they are British or that they want succession a la Brit. It is simple and just says I am sole heir and my British address.

The reason someone told me to go for the formal notaio will type was that there are no records of my parents child/children in Italy. My birth was never registered with the consulate. I am the only one, but how would the authorities know this?

The notaio thinks it unnecessary to do anything other than olografico, however he has never had a foreign customer, as it is just a small town.

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