Acceptance of inheritance and benefit of inventory in Italy.
Succession Law in Italy.
According to the Italian Law, the inheritance may be accepted or waived. If accepted, the acceptance can be with or without the benefit of inventory.
Generally, the heirs have unlimited personal responsability for the debts of the deceased, but they can limit their liability by accepting the inheritance with benefit of inventory.
In order to accept the inheritance with the benefit of inventory, the heirs must make a declaration before the notary or the court where the succession is open. If the inheritance has been accepted with inventory's benefit, the heirs will be only liable for the debts up to the value of the assets. The right of the benefit of inventory can not limited by any testamentary disposition of the deceased, as well as the declaration of acceptance of inheritance can not be subject to any conditions.
Pursuant to articles 471, 472 and 473 of the Italian Civil Code, the acceptance of succession must be made with benefit of inventory when the inheritance is devolved to minors, emancipated minors, people under a legal incapacity and legal persons, associations and foundations (except companies).
The deadline to accept the inheritance expires in ten years from the day of the succession's opening, but the person interested in the succession may request that the court sets a shorter term.
The heirs may renounce the inheritance. The renunciation must be made with a declaration before the notary or the court where the succession has been open. The renunciation must be free from any condition.
To know more about last will and testment in Italy, please see also:
For more information, please contact Lawyers in Rome
Published on 29 January 2014
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