– Gabriella Crosariol
The recent Art. 21 of the Ital. Decree 149/2022 grants notaries from 28 February 2023 extended powers, including the power to authorize minors and other vulnerable individuals to assign, transfer, donate assets and real estate and to accept inheritance. This means that in some cases notaries can now replace the previously exclusive jurisdiction of the competent Italian Court.
Upon a party’s request, the Italian notarizing notary may now grant the necessary authorization to execute deeds to the benefit of minors and other vulnerable individuals (deemed legally incompetent by the Court); this also applies in the case of inheritance, such as the authorization to inherit a property in Italy for the benefit of a minor heir, who resides in another country abroad.
In certain cases, the notarizing notary may also authorize possible investments to the benefit of a minor or a legally incompetent vulnerable individual. For example, if a minor receives a price from the sale of a real estate, the Italian notary can now authorize that such money is invested in government bonds for the benefit of the minor.
The involved notary must officially notify such authorizations to the competent Court, which until now was solely responsible for such authorizations.
However, the jurisdiction of the Court remains exclusive for the following authorizations to the benefit of minors and other vulnerable individuals:
– Investment of capitals (which do not come from the deeds of a notary)
– Sale of fixed capital (e.g. assets)
– Lawsuits, waivers, transactions
– Continuation of a commercial company.
These extended powers of notaries are of particular interest in international transactions, because they can significantly simplify and accelerate them.
The focus of our law firm is on international transactions. We have a network of Italian notaries who are fluent in English and German, with whom we frequently work together on international matters. We are available to provide in-depth advice on international issues, including inheritance and real estate law.