From our law firm in Murcia capital, with this article we want to answer some of the most frequently asked questions about this legal figure: what is usufruct, how to calculate, usufruct in inheritances, extinction…
In a very simple way and as an introduction, We can define usufruct as the right to enjoy something that belongs to someone else.. And going to civil Code, in its article 467, we can qualify this definition:
"The usufruct gives the right to enjoy the property of others with the obligation to preserve its form and substance, unless the title of its constitution or the law authorizes otherwise. The owner of this right is called usufructuary".
El usufruct It can be of different types and affect both real estate and money or shares. However, the most common and the one that most legal consultations usually focus on is the usufruct of a real estate property, such as a home, for example.
Usufruct in inheritances or life usufruct
Focusing on the scope of duration of this right, we can distinguish between temporary usufruct, constituted for a certain time, and Usufruct for life, which will be extinguished when the usufructuary dies. The latter is normally established in inheritances, granting the use and enjoyment of the inherited assets.
Usufruct calculation
El usufruct calculation It has great relevance, especially in relation to the Inheritance and Donation Tax when it comes to an inheritance.
The value of the usufruct of the asset will be equivalent to 70% of its total value when the usufructuary is less than 20 years old, subsequently decreasing by 1% as the usufructuary is older, until reaching the limit of 10% of the total value. of good.
Termination of usufruct
Taking into account its nature according to the type of usufruct, this right can be extinguished for different reasons:
- Death of the usufructuary (life usufruct).
- When the usufructuary and the bare owner are the same person.
- Renunciation by the usufructuary.
- Expiration of the period for which it was established.
- Compliance with the resolutory condition (if established by contract).
- Destruction or loss of the thing on which the right rests.
Transfer of usufruct
For legal purposes, the assignment of usufruct It's like a donation. Therefore, if it is a property, it will be necessary to do so through a public deed for its validity, as well as to pay the Inheritance and Donation Tax. The property does not change hands, but the use and enjoyment and the income that may be derived from the property does.
