Successions and young people: what changes with the new rules

Talking about inheritance may seem like a complex and distant topic, but actually acquiring a basic understanding is essential, especially for young heirs who suddenly find themselves having to make important decisions. Knowing at least the essentials helps you avoid being caught off guard and manage an often delicate moment with greater awareness.

Inheritance represents the transfer of what a person leaves upon their death, assets, rights, and debts, to those who remain. In the presence of a testament, the succession follows the wishes expressed by the deceased. In the absence of a will, however, the law intervenes, establishing who inherits and how much. In both cases, children and spouses enjoy specific protections that guarantee them a minimum share of the inheritance. When one is called upon to inherit, one has several options: one can accept the inheritance, renounce it, or choose an often overlooked intermediate solution: acceptance with benefit of inventory. This method allows one to know in advance the true size of the inheritance and avoid any inheritance debts from affecting the heir's personal assets. For a young person, it often represents a prudent and common-sense choice.

Starting January 1, 2025, Italian law introduced specific benefits for young heirs under 26, who often lack full financial independence. The goal is to simplify inheritance procedures and reduce the economic and bureaucratic impact of managing the estate.

Among the main measures envisaged is the possibility of obtaining early access to inherited sums. This involves the early release of part of the sums held in the deceased's bank accounts, which can be used exclusively for the payment of inheritance taxes, such as mortgage, land registry, and stamp duty on inherited properties. This relief was introduced to prevent the heir, in the absence of personal liquidity, from being unable to fulfill the tax obligations necessary to complete the transfer of inherited assets.

The new legislation has also provided for more streamlined procedures for the inheritance declaration, encouraging the use of digital tools and the self-assessment tax system, significantly streamlining the time and bureaucratic formalities.

With the entry into force of Legislative Decree no. 139/2024, the conditions for benefiting from tax exemptions on free transfers of companies or company shares in favor of heirs or spouse have been extended and clarified. To benefit from these benefits, it is necessary, among other things, to guarantee that the beneficiary will maintain management of the business for at least five years, thus ensuring continuity and development of the business, as well as effective control of the company or branch of the business by the young heir.

These provisions promote a more secure and sustainable generational transition, allowing young heirs to responsibly assume the role of entrepreneurs without being burdened by immediate and burdensome taxation.

Knowledge of these new inheritance regulations therefore allows young heirs to make informed choices, protect family assets, and begin a process of responsible management of inherited resources. To learn more about this matter, you can contact the Agenzia delle Successioni.