There are some pretty weird terms out there when it comes to property and the law. One of the weirdest looking is usufruct.
Usufruct refers to the legal right to benefit, derive a profit from and use someone else’s property provided that that persons property is not damaged in any way. The emphasis in defining usufruct seems to be in obtaining these benefits in a legal way. Once the usufruct has been legally obtained the holder of the usufruct, known as the usufructuary, has the right to use and enjoy the property.
The idea of usufruct has been around for a long time and can be traced back centuries. The English word usufruct derives from the Latin roots usus and fructus, from verbs meaning to possess and to have the benefit of, respectively.
An example of usufruct is where a husband bequeaths a residential property to his children in his will, but stipulates that his wife may enjoy usufruct until the day she eventually passes away. By doing this he ensures that his wife has the use and enjoyment of the property.
Usufruct can have serious consequences when it comes to Capital Gains Tax so any legal process you intend to follow needs to be investigated and advised upon by a trained professional. You may not be immediately concerned with the legal implications but a qualified person will be able to tell you exactly what will happen years in the future if ,for instance, you intend on selling your property.
Whether your interest in usufruct is related to a will or perhaps a trust of some sort always seek professional legal advice.
My husband has recently died and left the property to my 2 children and given me usufruct of the property. He has stipulated that I only have usufruct until 2025. Can he do that or does usufruct mean I have full use of the property until I die?
I’d appreciate your reply,
Michelle Ryder-Taylor
Hi Michelle
Thank you for the comment. My advice is that you seek legal expertise regarding this issue. The laws that deal with usufruct are constantly under review and you need an expert to look at your specific situation and help you make the right decisions for you. If you need assistance in finding the right legal expertise I will gladly email details to you.
my mother has use of property through usufruct. Now the property needs extensive structural repairs to walls and roof. Who is liable for these repairs, i.e. are these repairs included in the usual ‘maintenance’ or ‘upkeep’of the property?
thank you
B
do you have a precedent of a will including a usufruct in it