According to the Italian laws you may accept or renounce to inherit.
If you accept your qualification of heir will be irrevocable.
The acceptance can be express or tacit.
The express acceptance consists in a declaration of your status of heir made by a public or a private deed.
The tacit acceptance occurs when you act and behave such as heir.
The deadline to accept the inheritance expires in ten years from the day of the succession’s opening (10 years from the death). If you are interested in the succession you may ask for a shorter term to the Court.
The heirs are personally responsible with no limits for the debts of the deceased, but they can limit their liability by accepting the inheritance with benefit of inventory.
Usually the acceptance under benefit of inventory occurs when the debts exceed, or could exceed, the value of the assets.
Actually, accepting with benefit of inventory means that the heir limits her/his liability for the debts up to the assets’ value.
No conditions or limitations can be applied to the right of benefit of inventory or to the acceptance.
It’s mandatory (art. 471, 472,473 Civil Code) to accept with benefit of inventory in case the inheritance is devolved to minors, emancipated minors, people under a legal incapacity and legal persons, associations and foundations.
The acceptance is irrevocable except for two circumstances:
- When the heir has been forced to accept through violence and/or fraud;
- When a Will is discovered after acceptance.
The inheritance waiver is made by a public deed in front of Notary or public officer (usually Court’s clerk). With this act the people named to the succession declare they don’t want to accept the inheritance.
There’s no possibility to add terms or conditions to the waiver.
Who renounces to inherit is treated as she/he had never named to the succession and the inheritance will be devolved to other parties entitled to it.
The inheritance waiver is revocable until another heir appointed following the waiver has not yet accepted the inheritance.
If you have any matters in order to the inheritance acceptance or waiver please contact us