Introduction Whether a family home or a second home, it is not uncommon for non-UK domiciled individuals to co-own UK property with, for example, their spouse. Where such property is co-owned as joint tenants, a potential issue may arise where the right of survivorship (which provides for the property to pass automatically to the [...]
England and Wales While the testator is alive, they are generally the only person entitled to receive a copy of their will (with very limited exceptions). After the testator's death, the will remains a private document until the Grant of Probate is issued (if ever), during which time only the executors are entitled to [...]
England and Wales 1) REQUIREMENTS OF A VALID WILL In order to make a valid will in England and Wales, the testator must be of sound mind and at least 18 years old. There is an exception for soldiers in active military service or sailors at sea, who can execute their will at any [...]
Succession cases throughout the world share one thing in common: the principle that heirs can be appointed by will. Domestic succession laws can, however, place limitations on the testator's power, such as the concept of 'reserved shares'. In some cases, however, it is not easy to determine whether testamentary heirs should receive the entire [...]
In the case of successions governed by Italian law with elements of internationality and where there are testamentary dispositions requiring implementation and special technical expertise, it may be very useful to appoint an executor of the will He may also perform acts abroad, being able to use the European Certificate of Succession in another [...]
An Italian-domiciled individual who has been resident in the UK for a number of years (and has become so-called 'deemed domiciled'), in the absence of treaty protection, will be subject to UK inheritance tax on their worldwide assets, wherever located. Successful reliance on the UK/Italy Estate Treaty (the 'Treaty') can be helpful to alleviate [...]
The European Certificate of Succession: on February 23 Seminar at the Catholic University of Milan On February 23, 2023, between 4:15 p.m. and 6:30 p.m., an interesting seminar organized by Professor Pietro Franzina on the European Certificate of Succession will take place at the Catholic University of the Sacred Heart. Speakers will include our [...]
The trust is currently the most modern tool for succession planning in Italy, including for the generational transfer of a company. Revenue Agency Circular 34/2022 confirms that the trust is extraordinarily advantageous from a tax point of view. When owning assets in several countries, it is important to assess the trust from the perspective [...]
In France, there are several types of marital unions: - Free union an informal union (that does not confer inheritance rights) - The civil solidarity pact or PACS, which is a registered partnership (that confer very few rights in the inheritance) - And marriage. They all are available to same-sex couples. The PACS can [...]
Usufruct arrangements do not exist under English law, but their creation and existence can, depending on the circumstances, give rise to tax and legal implications which should be considered when determining if they are an appropriate estate planning tool. The creation of a usufruct arrangement by a British individual (UK resident and domiciled) during [...]
