Business succession and wealth transfer planning in Italy

Succession planning for businesses and wealth transfer requires specialized legal and advisory tools to ensure continuity and prevent family disputes. In Italy, the ‘patto di famiglia’ (family pact) serves as a specific legal instrument under Article 768-bis of the Civil Code. This contract allows an entrepreneur to transfer a company or corporate shares to one or more descendants during their lifetime, aiming to stabilize ownership and prevent the paralysis of business management that can occur during inheritance processes.

Experts emphasize that generational transition is a complex process requiring personalized consultation. Marco Passafiume Alfieri, CEO of Cnp Assicura, noted during the Armundia Talkinn event that effective planning requires ‘Cathedral Thinking’—the ability to plan for a future beyond one's own lifetime. He highlighted that Italian risk perception often leads to underinsurance, suggesting that increased education and professional advisory are necessary to manage the risks associated with transferring both wealth and legacy to heirs.