How to draft a will with specific allocations to heirs?
When preparing a holographic will with specific allocations to heirs, it’s crucial to navigate the legal framework ensuring fairness to children and spouses, recognized as legitimate heirs. A reader seeks guidance on dividing their estate between two children without creating joint ownership. This approach, termed “institution of heir by specific title,” is legally permissible under the Civil Code.
There are two methods to achieve this in a will:
- Allocating each heir an ideal share of the entire estate.
- Designating specific assets to each heir.
For instance, a parent may stipulate in their will to divide assets equally among children or assign particular properties to individual heirs. Each designated heir inherits a set percentage of the estate, allowing them full ownership of the assigned asset without sharing.However, caution is warranted when allocating specific assets, as “legitimate heirs”—including spouses, children, and parents if no children exist—are entitled to a minimum share prescribed by law (legitimate portion). This legal protection prevents disproportionate distributions that could potentially be contested within ten years after the testator’s death.
In practice, many parents opt to divide their estate beforehand through lifetime gifts or specify asset allocations in their wills to avoid future disputes among heirs. This ensures clarity and reduces the likelihood of legal challenges, maintaining fairness in inheritance distribution.
Ultimately, while drafting a will with specific allocations to heirs may seem straightforward, it must align with legal safeguards to uphold equitable distribution among all legitimate heirs.
VGS Lawyers is a law firm specialised in Italian Inheritance and Italian Wills. In case you need assistance please contact info@vgslawyers.com