Ten Essential Steps for Managing an Inheritance Succession
A practical guide to fulfilling obligations after the death of an individual.
Inheritance succession, in addition to grief, entails financial obligations. This article outlines ten steps: understanding testamentary provisions or statutory law, identification and valuation of assets, recognition of heirs, management of liabilities, acceptance or renunciation of the inheritance, declaration of succession and payment of taxes, debt management, assumption of contracts, dealings with banks and insurance companies, division of inheritance, and resolution of disputes among heirs.
- Death of an individual: The succession commences with death, transferring rights and duties to the heirs. There are testamentary, legitimate, and necessary successions. Heirs must ascertain the existence of a will.
- Acceptance of inheritance: The heir assumes such status only upon acceptance, which can be express or implied.
- Declaration of succession: Within one year of death, heirs must submit the declaration to the Revenue Agency.
- Payment of taxes: Taxes vary depending on the estate and degree of relationship.
- Statutory heirs: Close relatives are entitled to a share, protected by law.
- Payment of debts: Heirs are responsible for paying debts, though some are not transferable.
- Assumption of contracts: Contracts may continue or be terminated depending on the circumstances.
- Relations with banks and insurance companies: Heirs must inform the bank and manage the deceased’s insurance policies.
- Division of inheritance: Division dissolves the joint ownership and may be contractual, judicial, or testamentary.
- Disputes among heirs: Disputes require the intervention of an impartial judge or assisted negotiation.
Managing the succession requires a thorough understanding of the law and the obligations to be followed to avoid legal complications and ensure fair distribution of assets.
VGS Lawyers is an Italian Law Firm specialised in Inheritance. In case you need assistance with your Italian Inheritance please contact info@vgslawyers.com