Usufruct in inheritance often poses various legal problems for both the testator and the heirs. In fact, at our law firm in Marbella we receive many inquiries related to this issue. Stay with us to clarify all your doubts in this regard.
According to its origin
- Voluntary usufruct: the testator voluntarily provides in his will that a person has the usufruct of an asset.
- Legal usufruct: it is the one that Spanish law imposes in favor of the widowed spouse as a legitimate one.
According to its duration
- Temporary usufruct: the testator establishes a time limit for the usufructuary to use and enjoy the asset.
- Life usufruct: is one that ends when the usufructuary dies.
What assets can be left in inheritance usufruct?
The usufruct in the inheritance can fall on any asset or right, even on all a patrimony. However, the most common is that it given in the following assets:
- Real estate: the usufructuary can live in or rent it, but not provide it (sale, donation, etc.).
- Shares or participations in a company: the heir is the partner, but the usufructuary is the one who receives the benefits.
- Money: the usufructuary can use it for the duration of the usufruct with the obligation to restore it when it ends. The interests, nevertheless, will not be returned to the owner.
One of the thorniest issues when we talk about a hereditary usufruct is the valuation of assets. This is a necessary calculation to pay inheritance tax or to the bare owner can sell the asset. Certainly, the best way to quantify it correctly is to hire the services of an attorney.
Do you need a lawyer in Marbella to help you with the usufruct in the inheritance?
At GM Lawyers we put at your disposal an experienced team of multilingual attorneys specialized in Spanish Succession Law. Why don’t you contact us now?
