What it means to have usufructo in my inheritance



What is the usufructo?

The usufructo is a right to enjoy the property of others with the obligation to preserve its form.

Actually, it is a fairly flexible right because it allows you to use the property as you want, and even lease it with the right to receive all the rent.

Which are the types of usufructo?

The usufructo can be for life or temporary.

If for life, the most common when we speak of inheritance, is when this right is applied throughout the lifetime of the individual. The right is extinguished with the death of the individual.

This happens when a husband grants the wife the usufructo of a home or vice versa. The spouse can use the house while he/she lives. On the other hand, the temporary right is the one that is granted for a specific period of time.

The usufructo may also fall on real estate or personal property, rights or on an entire estate.

The most common are the following:

1.- Right of money: This is the case of money in financial institutions.

If the usufructo falls on money, problems can arise because the beneficiary can dispose of it without the consent of the owners.

2.- Right of the dwelling: The beneficiary may use or lease the dwelling without the consent of the owners, and having the right to receive the corresponding rent.

This prevents any of the heirs, especially children, from wanting to take over the family home.

3.- Usufructo of shares or participations in a company: In this case the beneficiary will be entitled to the dividends agreed by the company during the usufructo.

What problems can we find?

One of the main problems of usufructo is how to value it. For example, this is of interest in order to know the tax payable.

Another of the most common conflicts occurs in cases where there are properties. The most appropriate is to prepare a will in which the usufructo is ceded to the spouse of the couple or to the person desired, in order to avoid having problems with any of the children.

GASCÓN BERNABEU ABOGADOS we can help you to solve these issues.

Our English speaking solicitors are able to provide advice on any probate, wills or inheritance matter.

If you would like help with cancelling a usufructo please don´t hesitate to contact us today.

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