How to inherit from your Italian uncle>
How to inherit from your Italian uncle
In Italy there is common saying when anyone earn a lot of money: he probably inherited from his American uncle !In the common practice it can often happen on the contrary. There a lot of Americans or Australians who had distant relatives in Italy without any other heirs except them.
What should the lucky American do in this case?
1) check the Italian estate in the public registry
2) check if there is a will left to a Notary to be published.
3) check if there are bank accounts payble to the deceased
In Italy it si not common to have an executor or an administrator of the deceased’s estate. It happened only in few cases regulated by the law.
Anyone interested generally, instead, can draft a public form and make a statement called “dichiarazione di successione” to be sent to the public registry for pay the inheritance taxes, cash money and transfer the property of the real estate.
How can anyone living in Usa, Australia or in other country far from Italy, manage all these issues and cash the inheritance without moving from home?
The best way is to appoint an Italian lawyer and give him a general power of attorney (Procura generale per atti successori). This document can be signed in front of a Italian Authority (Consulate, Embassy) and allowed tha lawyer appointed in Italy to make all the necessary like
- POWER OF ADMINISTRATION – Make any act of administration, with full powers, including: a) Have access to any safe deposit box that I might own, including its contents , get licenses, assets and money, either as interests or as capital and any other means, give a receipt, remit any guarantee against payment of the guaranteed debt; b) Open, maintain or close bank accounts (including, but not limited to, checking accounts, savings accounts, and certificates of deposit), brokerage accounts, and other similar accounts with financial institutions. c) rent any safe deposit box, exercise all relating rights, d) Sell, exchange, buy, invest, or reinvest securities, equities and bonds and securities listed on any stock exchange, e) Convey, lease, mortgage, manage, insure, improve, repair, or perform any other act with respect to any of my property (now owned or later acquired) including, but not limited to, real estate and real estate rights, all the terms and conditions that the prosecutor considers appropriate, f) attend at meetings of companies, associations and unions, exercising any concerning right include voting and signing the statements g) represent me before insurance companies, take out, sign and/or maintain insurance policies or give notice of termination of them, h) represent me before all public authorities and in particular before the administration of Post and all tax offices. Make applications, pay taxes, make judicial and administrative complaints and claims.. Ask for deferrment of payment, guarantee the refund of loan and allow any registration on the land registry including any entries and/or charges. ;
- MAKE DISPOSITIONS a) purchase, sell and exchange properties vessels, companies, stocks and bonds, even unlisted, moveable property, material and incorporeal, without exception, credits of any kind, inheritance rights and in general any assets, fixing the prices , establishing covenants and conditions which the agent deems appropriate; cash money and chequees , give receipts, exempt from the registration of the loan, even if compulsory b) redeem mortgages, guarantees and in general securities, even without the payment of the debt secured, allow to subrogate.
- MAKE DIVISION OF PROPERTIES- make calculations, liquidations, divisions, whether settled or judicially; accept lots on behalf of the client, with or without adjustment, exempt from the registration of the loan, even if compulsory
- LEGAL ACTION Take legal action – represent the client in court, either as an actor or as a defendant, appoint attorneys and lawyers, claim acts of procedure and enforcement measures, settle the case.
MISCELLANEOUS PROVISIONS -For purposes of the above, approve and sign papers and documents, make applications to record in public registries, make declarations on taxes, under the law 02/28/1985 n. 47 and subsequent amendments , on agent’s tax regulations; take up residences in a place, be substitute by others and generally do all it is thought necessary.
Once signed this documents the lucky American can sleep between two pillows and wait for cash money from Italy (all the taxes will be paid in Italy by the attorney).
Avv. Carlo Bottino – Lawyer in Milan – Founder of Angloitalianlaw