Best Trusts Lawyers in Milan

About Trusts Law in Milan, Italy

The concept of trusts, known as "Trusts" under Italian Law, has only recently been introduced in Italy. It isn't anchored in the Italian civil law system but was recognized through the ratification of the Hague Convention of 1985. Trusts in Milan, as in the rest of Italy, are often used for estate planning, asset protection, and business purposes.

Why You May Need a Lawyer

Trust law in Milan (and Italy as a whole) is complex due to its alien nature in the Civil Law system. Navigating it requires an understanding of both domestic and international regulations. A trusts lawyer can provide guidance in setting up a trust, interpreting its deed, managing the trust property, and during disputes. Individuals undertaking estate planning, separating their business and personal assets, or protecting their assets against creditors, often require legal help in trusts. Lastly, a lawyer's assistance is invaluable if you're dealing with a breach of trust or disputes between trustees and beneficiaries.

Local Laws Overview

Under Italian law, all the provisions of the Hague Convention on Trusts apply. Trusts recognized in Italy can be those established abroad or based in Italy. The settlor can be a resident or non-resident. Notably, Italian trusts are subject to Italian tax laws depending on the tax residence of the parties involved and the location of the trust assets. The trust's recognition doesn't affect the Italian legal system's mandatory rules, i.e., 'forced heirship' rights. Hence, it's crucial that trustees, especially foreign ones, understand how Italian local laws interact with trust laws.

Frequently Asked Questions

1. Can I set up an English Trust in Italy?

Yes, as per the Hague Convention, a trust created under English law can be recognized and enforced in Italy.

2. Are trusts in Milan subject to taxes?

Yes, Italian-based trusts are subject to local tax laws. The exact tax liability can vary depending on several factors, including the type of trust and the location and nature of the trust assets.

3. Can a trust be used to protect assets from creditors?

Yes, an asset protection trust can help protect your assets from future creditors. However, setting up a trust with the direct intent to defraud current creditors can have legal consequences.

4. Can a trust override the forced heirship rules in Italy?

No, the recognition of trusts in Italy does not allow to contravene the Italian 'forced heirship' rules.

5. Can a trust be used for business purposes in Milan?

Yes, a trust can serve as a strategic tool for business planning and continuity. It can also be efficient in segregating business and personal assets.

Additional Resources

The Italian Revenue Agency provides direct information related to taxation of trusts. Likewise, the Milan Bar Association provides resources and a database of lawyers specializing in trust law. Lastly, the Hague Conference on Private International Law’s website provides detailed information on the enforceability and interpretation of trusts under the Hague Convention.

Next Steps

If you need legal assistance in trusts, start by consulting a trusts lawyer in Milan. Ensure that the lawyer is well-versed in both Italian and international trust law. It's recommended to secure all relevant asset details and clarifications on your intent behind setting a trust. Being open with your attorney about your goals can help them offer the best advice tailored to your situation.