Donations, inheritances, wills and living wills, cohabitation contracts, marriage agreements, disabilities and laws relating to future generations. As a trusted consultant and public official, the notary can help us deal with these delicate situations safely and in full legality.
In addition to choosing between joint estate or separation of property, the spouses may also choose to set up a capital fund (fondo patrimoniale).
The capital fund is a special type of agreement whereby certain assets may be set aside to meet the needs of the family, which means that the capital fund is dedicated to a specific purpose.
How it is established and with what
Only the following may be included in the fund:
Placing assets in a capital fund means locking them up for the needs of the family, without the need for a transfer of ownership. Consequently, the move can be accomplished in two ways:
Establishment of the capital fund assets may effected:
Administration of the assets in the capital fund is governed by the rules for the administration of a joint estate. In particular, in order to validly sell or dispose of the assets of the fund, there are two cases:
The capital fund is a separate estate, since it is designed to guarantee specific creditors. Assets included in the fund can only be claimed by creditors of the family, which means that if the creditor knows that the debt has nothing to do with the needs of the family, he has no claim on the assets of the fund.
Termination of the capital fund occurs for the following reasons:
In such cases, however, if there are minor children, the capital fund lasts until the coming of age of the last-born child.
Role of the Notary
In any case, the establishment of the capital fund must be by way of the signing of a public document before a notary public in the presence of two witnesses, which will be noted in the margin of the marriage certificate and recorded in the Land Registry.
The terms of the constitution of the Fund may, however, establish different rules: therefore, in this case too the advice of a notary is important to find the correct solution for your needs.