Usufruct

Usufruct is the right to use and enjoy the property of another person for a certain period of time. The owner of the property, called the usufructuary, is entitled to the fruits and profits of the property, but not to its ownership. Usufruct can be created by a contract between the owner of the property and the usufructuary, or by a will.

There are two types of usufruct: legal usufruct and conventional usufruct. Legal usufruct arises by operation of law, such as when a person dies without a will and leaves their property to their children. Conventional usufruct is created by a contract between the owner of the property and the usufructary.

The duration of usufruct can be for any period of time, but it cannot exceed the life of the usufructuary. If the usufructuary dies before the end of the term, the usufruct ends. If the owner of the property dies before the end of the term, the usufruct continues for the remainder of the term.

The usufructuary has the right to use and enjoy the property of the owner, but they are not entitled to its ownership. This means that the usufructuary cannot sell, mortgage, or otherwise dispose of the property. The usufructuary is also responsible for the maintenance and upkeep of the property.

Usufruct can be terminated by the owner of the property, by the death of the usufructuary, or by the expiration of the term. If the owner of the property terminates the usufruct, the usufructuary must return the property to the owner. If the usufructuary dies, the usufruct ends and the property reverts to the owner. If the term of the usufruct expires, the usufructuary must also return the property to the owner.

Usufruct can be a valuable tool for estate planning. It can allow a person to provide for their loved ones without having to give up ownership of their property. Usufruct can also be used to avoid probate, which can be a time-consuming and expensive process.