Family Asset Fund — Structuring and Notarial Deed for an Italian Top Executive

Overview

I oversaw the establishment of a family asset fund (fondo patrimoniale) for a top executive, aimed at protecting selected family assets and limiting their use to family needs, while ensuring sound governance and full notarial traceability. The solution was formalized by public deed with clear management rules, reconciling protection, operational flexibility, and compliance with the Italian Civil Code.

Client Profile

A married couple under a separation of property regime, with a portfolio consisting of residential real estate and securities held at a leading financial institution. Key needs included segregation of family assets, rules for disposals requiring joint consent, certainty of formalities (annotation on the marriage record and registration with the Land Registry), and clarity on the limits of enforceability for debts unrelated to family needs.

Approach

We defined the asset perimeter to be allocated to the fund (real estate and financial instruments) and drafted the deed pursuant to Arts. 167 et seq. Civil Code, providing that the income and yields (frutti) be used for the family and that management follow the rules of statutory community property (Art. 180 Civil Code). A clause allows sale, mortgage, or encumbrance of the assets with the consent of both spouses, without the authorizations under Art. 169 Civil Code; Arts. 170–171 are referenced for enforcement against the assets and termination of the fund. The package was completed with the required formalities: annotation at the civil registry and registration in the Land Registers, together with operating instructions for the custodian bank holding the securities.

Results

The client now has a family protection vehicle with simple, controllable rules: dedicated use of income, dual-signature governance, traceability of disposals, and full enforceability against third parties through the completed formalities. The notarial documentation and the delivered operating memo enable orderly management of future sales or security interests, maintaining consistency with the fund’s purposes and the limits set by law.