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About Trusts Law in Feltre, Italy

Trusts are a legal arrangement in which an individual (the settlor) transfers ownership of certain assets to a trustee, who manages them for the benefit of one or more beneficiaries. Although the concept of trusts originated in common law systems, Italy adopted the use of trusts after signing the Hague Convention on the Law Applicable to Trusts and on their Recognition, which came into effect in Italy in 1992. In Feltre, as elsewhere in Italy, trusts are not regulated by a specific national law. Instead, they are generally governed by foreign law recognized in Italy or by making reference to "Trust Interno" (Domestic Trust), based on a foreign country's system.

Why You May Need a Lawyer

There are several situations where individuals or families in Feltre might need legal advice about trusts:

• Estate planning: To ensure assets are managed or distributed according to your wishes after death.
• Asset protection: To safeguard family assets from creditors or legal disputes.
• Succession planning: When planning for inheritance or transferring family wealth.
• Caring for vulnerable beneficiaries: To provide for minors, disabled relatives, or elderly family members.
• Tax efficiency: Managing assets in a way that minimizes tax obligations.
• Handling foreign assets: A trust can simplify succession of assets located in multiple countries.

Local Laws Overview

In Feltre, as in the rest of Italy, trusts are recognized under the Hague Convention, but there is no comprehensive national legislation governing trusts. Trusts established in Feltre are typically:

• Created with reference to a recognized foreign law (such as English law or the law of another common law country).
• Administered according to the selected foreign law, unless this conflicts with Italian public policy.
• Subject to Italian succession law, which requires certain portions of an estate to go to close relatives (“legittimari”). Trusts cannot override these mandatory rules.
• Impacted by Italian tax regulations, including registration tax, inheritance, and gift taxes.
• Often established for estate planning, family protection, or charitable purposes.

Frequently Asked Questions

What is a trust, and how does it work in Feltre?

A trust is an arrangement in which assets are managed by a trustee for the benefit of beneficiaries. In Feltre, trusts are typically established under a foreign legal system, with the Italian jurisdiction recognizing the arrangement through the Hague Convention.

Can anyone establish a trust in Feltre?

Generally, anyone with legal capacity can establish a trust, as long as the trust complies with both the chosen foreign law and Italian public policy, particularly redemption and inheritance laws.

What assets can be placed into a trust?

Most assets can be placed into a trust, including real estate, bank accounts, investments, and business shares, provided that the transfer is legally valid and properly documented.

Are trusts recognized under Italian law?

Trusts are recognized in Italy through the Hague Convention, but they must reference a foreign law as trusts per se do not have a distinct legal framework under Italian domestic law.

What are the tax implications of setting up a trust in Feltre?

Establishing a trust can trigger taxes such as registration, inheritance, and gift taxes. The tax effects depend on the structure of the trust and the residency of the settlor, beneficiaries, and assets. Professional legal and tax advice is strongly recommended.

Can a trust be contested in Italy?

Yes, particularly if it is argued that the trust infringes on the mandatory rights of heirs under Italian succession law or conflicts with Italian public policy.

How is a trust managed?

A trust is managed by the designated trustee according to the terms of the trust deed and the selected foreign law. Trustees must act in the best interests of the beneficiaries.

What is a "Trust Interno"?

A "Trust Interno" refers to a trust set up in Italy by Italian residents, usually governed by a foreign law but with assets and parties located in Italy. This arrangement requires precise legal drafting to ensure recognition.

How can I choose a trustee?

A trustee can be an individual, a professional, or a corporate entity. It is important to choose someone trustworthy, capable, and familiar with the legal and administrative duties required.

Do I need a notary to establish a trust in Feltre?

While a notary is not always required to establish a trust, their involvement is recommended for recording and registering the transfer of certain assets, such as real estate, and for ensuring compliance with Italian legal requirements.

Additional Resources

For more information or assistance regarding trusts in Feltre, consider consulting:

• The Italian Association of Trusts and Estate Practitioners (STEP Italia)
• The Council of Notaries (Consiglio Nazionale del Notariato)
• Your local Chamber of Commerce (Camera di Commercio di Belluno)
• The Ministry of Justice (Ministero della Giustizia)
• Qualified local lawyers specializing in trust and estate law
• The Hague Conference on Private International Law (for details about the Convention)

Next Steps

If you are considering establishing a trust or need legal advice regarding trusts in Feltre, the recommended next steps are:

• Identify your goals (asset protection, estate planning, caring for dependents, etc.).
• Gather relevant documents (list of assets, family situation, existing wills, etc.).
• Consult with a local lawyer who specializes in trusts and estate law.
• Discuss the selection of foreign law under which the trust will be managed, and ensure it aligns with your intentions and Italian legal obligations.
• Consider the tax implications and seek professional tax advice.
• If needed, involve a notary for the transfer and registration of assets into the trust.
• Ask for ongoing management support or trustee services if required.