From our law firm in Murcia , with this article we want to answer some of the most frequently asked questions about this legal concept: what is usufruct , how is it calculated, usufruct in inheritances , termination…
In simple terms and as an introduction, we can define usufruct as the right to enjoy someone else's property . And referring to the civil code , in article 467, we can refine this definition:
" 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 holder of this right is called the usufructuary . "
Usufruct can take different forms and apply to real estate, money, or shares. However, the most common type, and the one that usually prompts most legal inquiries, is usufruct over real estate, such as a home.
Usufruct in inheritances or life usufruct
Focusing on the duration of this right, we can distinguish between temporary usufruct , established for a specific period, and life usufruct , which ends upon the death of the usufructuary. The latter is typically established in inheritances, granting the use and enjoyment of the inherited property.
Usufruct calculation
The calculation of the usufruct is of great importance, especially in relation to Inheritance and Gift 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
Depending on its nature and 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 transfer of a usufruct is treated as a donation. Therefore, if it involves real estate, it must be formalized through a public deed to be valid, and the transfer will be subject to Inheritance and Gift Tax. Ownership remains the same, but the right to use and enjoy the property, as well as any income derived from it, does.