Sometimes the heirs discover that there were bank accounts, deposits of sums of money, deposits of financial instruments (the so-called “securities”) in the estate of the deceased.

The discovery, apparently positive, does not always have the desired outcome because it may happen that the Italian law dashes the hopes by extinguishing all enthusiasm.

According to DPR 22.06.2007 N. 116, which entered into force on 17 August 2007, the banking relationships (both regarding deposits of money and financial instruments, so-called securities) existing in Italy, for which no operation or handling has been carried out in the last 10 years, shall be considered “dormant” and the amounts contained in it must be allocated to a state fund managed by a company and precisely by the Concessionaire Public Insurance Services (CONSAP S.p.A.).

 So all the sums that the deceased had not moved in the “fatal"10-year term will be acquired without delay by the Italian State (CONSAP) that will return them, if required with a rather complicated procedure; if not requested, they will be deemed definitively acquired by the Italian State.

 It is important that the heirs urgently ascertain the situation of bank accounts, deposits of sums of money and deposits of financial instruments of the deceased, at the opening of the succession, to prevent money or securities to be sent from the Banks to CONSAP (appointed by the Italian Ministry of Finance).

 The procedure for recovering the sums of money sent by the banks to CONSAP is complex, risky and not short.

 Therefore it is recommended to the heirs maximum attention and speed for the release of the sums of money, or of the titles in the name of the deceased.

 However, it is appropriate to recommend, not only to heirs but to anyone who has sums of money deposited into banks existing in Italy, or investment securities, to supervise and to handle money and securities; holding firm money or securities for 10 years could make them to be considered as “dormant" and it could be a fatal result.

Milano, 7 May 2020

 

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