The Spanish term “Usufructo”, sometimes referred to as a type of life interest, allows an individual the right to occupy a property for the remainder of their life.
The usufructo relates to a clause in Spanish wills and usually benefits the surviving spouse when the husband or wife passes away.
The usufructo allows the person to reside in the property and also obtain benefit from the property. This benefit could be in the form of rental income or income from produce from land etc..
The beneficiary is also able to sell the usufructo. Often this right is bought by other members of the family or other parties included in the will of the deceased.
The person benefitting from the usufructo only has use of the property, they are not the legal owners.
They are obliged not to cause any damage to the property.
The beneficiaries of the estate of the deceased are the legal owners of the property.
However, they cannot sell the property if the individual granted usufructo is still alive.