The loss of a loved one is a delicate moment, involving deep emotional aspects. However, alongside the grief, complex practical issues, such as the management of inheritance, often arise. It is in this context that a fundamental concept of inheritance law comes into play: the inheritance.
But what exactly is the inheritance axis? Why is it so important to understand its structure and mechanisms? What are the tax and legal implications for heirs? In this article, we will analyse these aspects in a practical and discursive way, without neglecting the essential legal references.
What is the inheritance?
When we speak of 'inheritance', we mean all assets, rights and debts that a person leaves at the time of death. It is thus the 'mass' that forms the actual estate, what will then be distributed among the heirs according to the rules laid down by law or by a will.
In other words, the inheritance is like a snapshot of the deceased's estate at the time of his or her death: it includes what he or she owned and also what he or she owed. Only by knowing this composition is it possible to make an informed decision on whether to accept or reject the inheritance, and how to deal with it.
What does the inheritance comprise?
1. The hereditary assets
Includes all goods and rights of economic value traceable to the deceased. In particular:
- Propertieshouses, flats, agricultural or building land;
- Registered furniturecars, motorbikes, boats;
- Movable Assetsjewellery, valuable furniture, works of art, precious objects;
- Moneycash, current account balances, savings accounts;
- Financial Securitiesshares, bonds, mutual funds, insurance policies with surrender value;
- Creditssums owed by third parties to the deceased, e.g. for loans or supplies.
2. Inheritance liabilities
In addition to assets, the deceased may also leave debts. These are to be subtracted from the assets to determine the actual value of the estate:
- Mortgages or personal loans still in progress;
- Tax debts (IMU, unpaid IRPEF, tax bills);
- Contractual Obligations (e.g. arrears fees, penalties);
- Medical expenses e funeral;
- Condominium fees unpaid or other outstanding debts.
It is essential to have a complete and accurate picture, since the heir also takes over debtsunless it decides to renounce or accept with benefit of inventory.
Accepting or refusing inheritance: what does it imply?
Once the inheritance has been identified, the heirs have three options:
1. Acceptance pure and simple
Who accepts the inheritance purely and simply (Art. 459 of the Civil Code) also becomes liable for the debts of the deceasedwith all one's personal assets. It is a definitive choice and must be carefully considered.
2. Acceptance with the benefit of inventory
This form, regulated by Article 490 of the Civil Code, allows the heir to separating one's estate from that of the deceasedanswering debts only within the limits of the inherited assets. It is compulsory for minors and interdicted or incapacitated persons. In this case, the drawing up of a detailed inventory within 3 months of death.
3. Renunciation of inheritance
If the inheritance is negative or has too many unknowns, it is possible to give up (Art. 519 of the Civil Code). Renunciation must be made by means of a formal declaration before a notary or in court. Whoever renounces is considered as never having existed in the succession.
How is the inheritance calculated?
The determination of the inheritance is carried out by means of an accounting procedure:
- Asset valuationThe value of the assets is estimated, often with the assistance of experts or qualified technicians.
- Deduction of liabilitiesdebts, funeral expenses and documented costs are subtracted.
- Net result: represents the actual value of the inheritance, on which any legitimate quotas e inheritance taxes.
The inheritance and the reserved portion
Once the axis has been determined, it is also possible to calculate the portions of legitimacy reserved by law for certain heirs (spouse, children, parents). Article 556 of the Civil Code in fact imposes a limit on the freedom to test: the testator cannot freely dispose of the entire estate if there are protected subjects.
In the absence of a will, the legitimate successionaccording to the allocation provided for in the Civil Code (Art. 565 et seq.).
How can a financial advisor support you?
The financial advisor can accompany the family on the delicate path of transfer of movable assets and financial investments from one generation to anotheroffering support both in fiscal and patrimonial.
Through a strategic planningit is possible to optimise the transfer of assets, reducing - where possible - the tax impact under current legislation.
In cases where it is not possible to completely write off inheritance tax, the advisor can help to identifying the most liquid assets of assets (such as current accounts or financial instruments that can be easily disinvested) to be used to pay taxes, thus avoiding jeopardising the overall soundness of the estate.
In this way, the generational transition is transformed into a orderly and conscious processprotecting both the value of the estate and the balance between heirs.
