Still don’t know what usufruct is? It is a very frequent figure in Spanish law. In fact, this legal concept raises many questions and concerns for the clients of our Golden Mile law firm.
What is usufruct?
The usufruct is the right to use a thing belonging to another person and to obtain the fruits derived from it (eg: rent). This entails an important limitation: it cannot be transfer (eg: sell, donate).
To understand what the usufruct is, we have to take into account the two parties involved in it. On the one hand, there is the owner of this right (usufructuary) and, on the other, there is the holder of the usufructed property (bare owner).
Unlike the usufructuary, the bare owner can dispose of the usufruct object, but it will not for this reason extinguish the usufruct. Thus, anyone who acquires said object must respect the powers of use and enjoyment of the usufructuary.
How many kinds of usufruct are there?
- For its duration: we can find temporary usufructs (of limited duration) or life (they expire upon the death of the usufructuary).
- By its purpose: the usufruct can fall on all types of property (movable or immovable) and rights. In fact, it can also affect an entire estate. The most common usufructs are those of money, housing and corporate stocks or shares.
Golden Mile Lawyers helps you with the usufructo
It is not enough to know what the usufruct is to successfully face all the legal problems that may arise from it. Faced with matters of such complexity, the smartest thing to do is to have the professional advice offered by Golden Mile Lawyers.
How does the usufruct affect the value of the object on which it relapses? What tax obligations does this right imply? How to write the will to leave the usufruct of a house to the widowed spouse? To solve this and other problems in a satisfactory way, do not hesitate to call Golden Mile: the firm of polyglot lawyers in Marbella that speaks to you in your own language.
