My name is***** have a degree in Accounting and Administration, I am specialized in tax/financial consulting and today I am going to help you with your query.
Dear client, I am very sorry for the loss of your father.
Even so, I assume that your father was also a British citizen and that he passed away in his home country. But unfortunately, there is very little international legislation that clearly sets out the rules to be applied in cross-border inheritances. On the contrary, the internal laws of each country try to capture as many competences as possible, which generates duplicities and bureaucratic clashes because each country intends to keep a part (in tax matters) it is more a question of sovereignty.
It is important to note that foreign wills are accepted in Italy, regardless of the place where the document was made, the location of the assets, the nationality, residence or domicile of the testator. But, these must be authenticated by an Italian notary and must be translated, note that this incurs additional costs).
According to the European Regulation 650/2012 on International Successions, the law of the country of the testator's habitual residence at the time of death will apply to the inheritance, but other aspects also come into play, such as the total value of the inheritance, whether it includes real estate, the residence of the heirs, in this case, their residence in Italy.
That is why I recommend that you seek the services of a lawyer specialized in international inheritance, to guide you through the procedure and avoid double taxation or extra expenses due to not being well informed.
It is very difficult to budget an international inheritance, as it will vary greatly depending on the decisions of the countries involved and their internal bureaucratic processes. But in general, the costs can be high and with high provisions of funds.
I hope this information has been helpful for you, if you have any other questions do not hesitate to contact me, I will be happy to help you.
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