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 Post subject: PREPARING A WILL
PostPosted: April 22nd, 2010, 8:59 am 
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Joined: February 29th, 2008, 3:30 pm
Posts: 59
Hello,

I would like to prepare a will and wondered about the cost of this in Italy. I understand it can be quite involved to ensure there are no problems further down the line.

Would someone kindly let me know what they believe is the estimated cost of a simple will so I can leave what I own here to my kids etc. I assume an Italain lawyer and a Notary would be involved so expect the two fees.

Thank you


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 Post subject: Re: PREPARING A WILL
PostPosted: April 22nd, 2010, 9:54 am 
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Joined: November 1st, 2009, 10:58 am
Posts: 23
Hi, We are using A G law,an Italian lawyer with an office in London (unlike some!) for our purchase in Italy. They are also preparing our wills. The price they have quoted us is £250 for a single will and £400 for two. Telephone no. +44(0)20 7099 3040. We have been very happy with the service they have given us.


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 Post subject: Re: PREPARING A WILL
PostPosted: April 22nd, 2010, 11:25 am 
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Joined: February 29th, 2008, 3:30 pm
Posts: 59
Thanks Glider that is very useful.

I appreciate your prompt reply!


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 Post subject: Re: PREPARING A WILL
PostPosted: April 22nd, 2010, 12:15 pm 
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Joined: April 10th, 2008, 11:13 am
Posts: 47
Do you need to prepare a seperate Italian will for your property or does your English will not cover it ?


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 Post subject: Re: PREPARING A WILL
PostPosted: April 22nd, 2010, 12:23 pm 
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Joined: March 10th, 2009, 8:08 pm
Posts: 96
Location: SE London/Gioiosa Ionica
From a previous post..

My understanding of the Will issue is this:



We are members of the EU and there is a directive that says UK domicile can make an English Will that covers their European Property. However some countries – e.g. Spain- insist on a Spanish Will for Spanish property being lodged at the Will Registry in Madrid for it to be valid.



I would mention the property by name in the Will so that everyone is clear what is happening with it and that there is foreign property involved.



The Italian Law is prescriptive and Italians only have a small % to give freely and the rest is decided by law ( to certain family members) – we are not subject to this law unless we are domiciled there.



Inheritance tax will be payable if due under Italian Law but the beneficiary pays it on the gift rather than the estate as a whole and the exemptions are more generous than here ( can be up to over E1 million) .



If your global estate is worth over the English/Welsh Nil Rate Band at date of death ( Currently £325,000.00) then Inheritance Tax ( IHT) is payable on all assets over this amount at 40% for single people with the transferable NRB for married couples ( £650,000.00). If IHT is payable in Italy then there is no double taxation and if the figure is less than our IHT % due then the tax is topped up to 40%.



(this is the law at the date of writing, law and figures subject to change)


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 Post subject: Re: PREPARING A WILL
PostPosted: April 22nd, 2010, 12:41 pm 
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Joined: February 29th, 2008, 3:30 pm
Posts: 59
Thank you All.

I have been quoted rather a lot more and was under the impression that to avoid problems later (albeit not mine as I will no longer care :-)) it is best to have it documented/registered in Italy which doesn't seem to be the case at all.

It does appear that it can be an amendment to my existing Will in England and won't become an issue for my children.

Again, thank you...especially Bergaking for a very informative response.


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 Post subject: Re: PREPARING A WILL
PostPosted: April 22nd, 2010, 7:58 pm 
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Joined: April 7th, 2008, 10:06 am
Posts: 370
Bergaking
Can you say if domiciled in Italy is the same as taking residencey?
If taking residence in Italy does the following apply...

From what I understand your property in Italy passes over to your next of kin irrespective of whose name is on the title deeds. So, if a couple weren't married and one of them had children the property would go to the children of the parent. Therefore, a will in Italy has to be made as the one in UK does not apply or so I've been told.
Thanks
mags

On an entirely different subject, did I dream it or have we to pay for sending PMs Maybe explains why so many get stuck in in/out boxes.


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 Post subject: Re: PREPARING A WILL
PostPosted: April 23rd, 2010, 1:52 pm 
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Joined: March 10th, 2009, 8:08 pm
Posts: 96
Location: SE London/Gioiosa Ionica
Hi Mags,

I have sent you a pm (hopefully it is working). As has often been stated by our learned friends, each circumstance can be quite different.

Cheers..


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 Post subject: Re: PREPARING A WILL
PostPosted: April 23rd, 2010, 9:39 pm 
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Joined: April 7th, 2008, 10:06 am
Posts: 370
Thank you BergaKing
Got your PM
Replied and it came up...no recipient defined!
Grrrr...
mags


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 Post subject: Re: PREPARING A WILL
PostPosted: March 5th, 2011, 1:04 am 
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Joined: March 5th, 2011, 12:54 am
Posts: 6
Hello folks,

I have just completed my first purchase in Calabria through VFI in Pizzo and from some basic research that I have done online, it appears that a separate Will related to the Italian property should be highly recommended for all UK and Irish owners.

Italian inheritance rules are quite complex as to the next of kins who inherit the property when we will pass away, but they also state that foreigners can choose to submit their estate (in Italy) to the inheritance laws of their residence.

So an English person can choose to dispose of the Italian property under English law by making an English Will as long as they specify in the Will that they have chosen not to opt for Italian law but for the law of their residence to dispose of the property.

This will allow a husband to leave 100% to the wife and vice-versa, without the need of leaving a share to the siblings or brothers/sisters, which is mandatory in Italy.

It also gives more freedom to choose the beneficiaries of the will rather that leaving it to the law to decide on your behalf!

there are some very interesting articles on-line on this subject, just type "italian will" in google and they all come up!

I have been quoted €500 for 2 basic Italian Wills (me and my husband) from my solicitors who dealt with the conveyancing so I think that I will take up this option!

:wink:


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 Post subject: Re: PREPARING A WILL
PostPosted: March 5th, 2011, 6:56 pm 
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Joined: April 25th, 2009, 11:52 am
Posts: 110
Hi Wendyleeds

Just prove I am not personally against you. Your post about the need for an italian will is correct as it is stated in an article on www.italymag.co.uk which is a very good read and source of information.

Barnpot


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 Post subject: Re: PREPARING A WILL
PostPosted: March 5th, 2011, 7:02 pm 
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Joined: September 12th, 2009, 2:49 pm
Posts: 154
Actually you do not need an italian will. The lawyers would love to sell you one and at a high cost but it is NOT technically required. If you would like to email me I can send you the inforamtion on why you do not need one and also how to protect yourself and your property without spending a small fortune. I have looked into this extensively and sought legal advice and am in the process of doing mine now. I will only have a UK will but set out in a way that the Italian property will be covered and without the long drawn out process that could happen once I pop my clogs...


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 Post subject: Re: PREPARING A WILL
PostPosted: March 5th, 2011, 7:45 pm 
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Joined: March 10th, 2009, 8:08 pm
Posts: 96
Location: SE London/Gioiosa Ionica
I am also of the opinion (given my wife is a Wills and Probate lawyer) that an Italian will is not necessary. Global estate wishes can be covered with a UK will I am reliably informed.

Berga


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 Post subject: Re: PREPARING A WILL
PostPosted: March 5th, 2011, 8:36 pm 
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Joined: June 4th, 2007, 4:21 pm
Posts: 507
Location: London
barnpot wrote:
Hi Wendyleeds

Just prove I am not personally against you. Your post about the need for an italian will is correct as it is stated in an article on http://www.italymag.co.uk which is a very good read and source of information.

Barnpot

Last time I looked Barnpot, italymag.co.uk had Giambrone adverts featured prominently on their website. Perhaps that's where they are getting their information, which according to Sunflower and Bergaking is wrong.


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 Post subject: Re: PREPARING A WILL
PostPosted: March 6th, 2011, 2:17 am 
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Joined: August 26th, 2008, 12:23 am
Posts: 34
Yes I am also interested in any information about writing a will in Italy.


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 Post subject: Re: PREPARING A WILL
PostPosted: March 6th, 2011, 7:59 am 
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Joined: December 19th, 2007, 6:48 pm
Posts: 128
Location: San Lucido
We agree with Bergaking & Sunflower, that it is not necessary to have an Italian will.

We went into this in great detail when making our property purchases here & before becoming resident. There is an EU article that states that you can stipulate in your British will, that you would like your Italian property (or any EU state) to be dealt with under the British system. We had this confirmed by a Law Professor at Cosenza university & by our Notary. We simply added a paragraph into our British will, covering our estate in Italy, whilst updating our will prior to moving over. This cost very little.

Resident and domicile are two very different things. You can be resident here and still be considered domicile in the UK for tax purposes & you have to take great steps to convince HMRC otherwise. This is certainly an area where you should seek expert advice.

Hope this helps

Sue & Pete


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 Post subject: Re: PREPARING A WILL
PostPosted: March 6th, 2011, 9:14 pm 
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Joined: September 12th, 2009, 2:49 pm
Posts: 154
This article discusses: Italian Inheritance Law and Wills, Italian Property, Succession Law, International Probate Regulations.
Sponsored article by Italian property lawyer Nick Metta, partner at Italian law firm Studio Legale Metta.
One question I always hear from non-Italian property clients is: Do I need an Italian will?
I often surprise them with the quick and simple answer: No.
Many think that it is necessary to have an Italian will to address their Italian property inheritance, but, the truth is, an Italian will isn’t necessary. A will is recommended, but it doesn’t have to be Italian. This isn’t to say that a non-Italian can’t have an Italian will; he absolutely can. It’s just that he doesn’t need one. And here’s why:
An Italian will isn’t needed because the inheritance of Italian properties is, by default, regulated by the national inheritance law of the deceased party. This means that if, for example, an American owns property in Italy, when she dies, American inheritance law applies to the property. Therefore, an American will would cover the Italian asset thus making an Italian will unnecessary. This is under typical conditions of course.
However, an important aspect to note is that in common law countries such as the UK, the home country international law would typically defer to Italian inheritance law to regulate the inheritance and the distribution of the Italian property. What does this mean? If a UK citizen dies while owning Italian property, Italian law says that the UK inheritance law would apply. However, UK law pushes back to Italy and says that Italian inheritance law applies. This back and forth can continue and thus delay the inheritance proceedings.
At this point, one might think that a home country will can address the home country assets and an Italian will can address exclusively the Italian assets. But, this is not necessarily true. A situation such as this might be interpreted in several ways. The choice of drafting an Italian will and within it using the Italian language, the Italian legal style, and an Italian legal advisor (involvement of an Italian notary is recommended) might lead to the interpretation that it was an implicit choice by the deceased to choose Italian inheritance law over the home country inheritance law.
An Italian will means that the Italian inheritance laws of distribution apply to the Italian property. The Italian laws are not as liberal as many other countries and there are specific percentage allocations that go to specific family members. In Italy, it is not possible to leave your estate to Fluffy or the mailman, unless you no longer have a spouse, child or parent. Therefore, an Italian will could possibly end up confusing the issue and impede the deceased’s wishes from being carried out.
For a visual comparison of the Italian and UK inheritance systems, please look at our Italian intestacy chart and UK intestacy chart. The charts depict the main transitions of an estate according to each country’s laws of inheritance and distribution.
To help my clients avoid facing a legal tennis match between their home country and Italy, I typically recommend that we simply modify their home country will by adding a clause which expressly statesthat they are electing for their own country’s inheritance legislation to apply to their Italian property. In this way, they do not need an Italian will to address their Italian assets.
Now, let me clarify that adding such a statement to the home country will is not absolutely necessary. I have my clients adding it as a security element, to avoid risk of confusion, future misinterpretation, etc. That said, I have also smoothly executed non-Italian wills that did not include such a statement. These wills had general terms such as “the rest of my estate”, or “all my estate”, under which the Italian property was included. The problem is that this leaves room for interpretation. And in legal matters, it is always better to eliminate possible alternative interpretations. To help, I’ve drafted a sample of a basic non-Italian will which would be valid in Italy to address an Italian property. You can download it here.
I also tell my clients not to bother with an Italian will for two further reasons very important to all of us: time and money. An Italian will simply implies more costs and additional time. There is the drafting, the authentication, the registration, the execution; in one word, bureaucracy. And we all know what that means when we’re talking about Italian bureaucracy. In my experience of executing both foreign and Italian wills, the process for foreignwills hastypically been substantially cheaper.
Let me be clear, a non-Italian can certainly have an Italian will to address an Italian property or Italian assets. It is simply that this will not benefit the inheritors. It will however definitely accomplish two things: 1) take some money out of your pocket when you pay to establish it, and then 2) take some money out of your inheritors’ pockets when they pay to execute it.
In conclusion,there are three important points to remember about Italian wills:
1. A non-Italian can have an Italian will;
2. Foreign wills are fully applicable in Italy;
3. It costs less not to have an Italian will.
For further information regarding Italian inheritance matters, please click here.
***
Please check this space on the ItalyMag website regularly as, on a bimonthly basis, we will be publishing editorials on various aspects of Italian property.
Previous articles in this series:
- Getting Money Out of Your Italian Property – 11 January 2011
- Save More Than 50% on Rental Property Taxes – 31 January 2011
Nick Metta is a partner at the Italian law firm, Studio Legale Metta. Nick is head of the firm's international department which addresses matters of Italian law involving international parties in areas such as Italian real estate, property financing and Italian inheritance law.
The Italian law firm Studio Legale Metta is a boutique firm of Italian Attorneys. Established more than 120 years ago, the firm handles domestic and international casework throughout Italy.

Thought this would be useful for those readers looking at having an Italain WIll when they may not actually need one...


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 Post subject: Re: PREPARING A WILL
PostPosted: March 7th, 2011, 1:39 pm 
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Joined: August 7th, 2009, 2:31 pm
Posts: 290
Thank you sunflower this is very useful


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