The postal bonds often constitute a large part of the savings that a family has accumulated over the course of his life: a tool investment important, which in Italy has always had some success, either because the yield interesting nonetheless seen as a counter an investment whose reimbursement was in any case guaranteed.
It is, therefore, no mystery that many are wondering how to behave in a manner of succession and postal savings bonds, or rather, they worry about what happens in the event that the holder of the BFP fails.
This is a rather thorny subject, which is of interest to many and which has normative references that are slightly difficult to understand.
A preliminary notion: the hereditary assets
Before going more specifically into the discussion concerning the succession of securities such as Postal Interest Bonds, it is necessary to make a notional premise.
In fact, it is necessary to understand what the hereditary assets are, why we are interested, and above all why it is important in order to determine the inheritance taxes that the heir or heirs will pay.
In the hereditary assets, we find all the assets and all the rights that are part of the succession. Those that are not subject goods and/or rights subject to the tax must be excluded.
The problem, in addition to being of fiscal nature, is also of a logistical nature, so to speak.
The assets that are part of the hereditary assets must in fact be entered in the declaration of succession, a document that is often not easy to prepare and that creates, especially in the case of titles, several difficulties.
BFP securities should not be entered in the declaration of succession and now we will deal with the regulatory reference that speaks of them.
The regulatory reference
The law that interests us is contained in the Legislative Decree of 31/10/90, n. 346, which reads, in letter L:
“Other government bonds, guaranteed by the State or equivalent, as well as any other good or right, declared exempt from tax by law, do not form part of the hereditary assets”.
It is, therefore, a rule that eliminates the possibility that tax obligations arise on the part of the successor in the BFP title.
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What happens in co-registered interest bonds?
Being a very popular savings vehicle among families, the BFP is often co-headed between spouses, or between children of the same couple.
In this case, in the event of the death of one of the joint holders, the BFPs fall in succession and the securities are temporarily blocked, until the succession is defined. Subsequently, they are reimbursed, in favor of whoever is entitled to them.
In order to obtain reimbursement, in this case, it is necessary to present all the documentation of a succession nature at any post office.
Postal savings bonds are reimbursed in equal parts to all co-holders and/or beneficiaries.
A bureaucracy that many believe… infinite
Although it is a savings and investment tool designed for families, the legislator has never attempted to simplify the succession procedures, at least for securities that for the bulk of Italian families make up the bulk of the inheritance.
The cases of people who have to worry about recovering and organizing all the documentation of the indirect heirs in order to be able to release the BFP are frequent and it does not seem that, at least for the moment, the Post Office and Parliament are interested in integrating certain rules for the solution of this type of conflicts.
How to obtain reimbursement of securities following inheritance?
To request reimbursement of securities (including Postal Interest Bonds) that have fallen in succession, it is necessary to fill in the specific form provided by the Post Office (in any office) as well as freely downloadable from the Internet.
The form also remembers the documents necessary for the completion of the practice:
- Extract of the death certificate: the personal details of the deceased, the date, the place where the death occurred, an indication of the marital status, last domicile, last residence, an indication of the spouse’s name is required;
- Notary Deed/Substitutive declaration;
- Copy of an identity document of the persons submitting a refund application;
- Copy of an Identity Document and the Tax Code of the subjects who are entitled to reimbursement and/or of the subjects who legally represent them;
- Declaration of Succession, as per mod. 4.
This documentation is generally easy to find unless in the absence of direct heirs for the deceased, recourse to indirect heirs must be started.
In that case, retrieving statements and documents may take some time.
The documentation provided is evaluated by the Post Office, in the person of the Director, who, once approved, will initiate the procedure for unlocking the Postal Savings Bonds.