Usufruct
Candlefocus EditorUsufruct is typically granted for a specific duration of time, such as for a life or for a fixed period of years. After the period of usufruct expires, the property is returned to the owner in its original condition provided that the usufructuary has not consumed it, destroyed it, or damaged it beyond what is reasonable. For example, if one is granted usufruct to a piece of land for a duration of twenty years, then the usufructuary must wait until the expiration of that period before the ownership of the land is fully returned to the grantor.
Due to the fact that the usufructuary enjoys the right to enjoy the benefits, but not the ownership, of the property, he or she is able to collect rents, use the land for farming and other activities, as well as take advantages of any profits, but is not able to make any changes to the property, sell it, or subject it to any situation that would result in harm to the property.
Usufruct is also applicable in other areas such as banking and finance. For example, a party might create a bank account for the benefit of the usufructuary, who then has the right to use the funds in the account to pay bills and make purchases. Once the usufruct expires, the principal or principal amount of the account is returned to the original party.
Usufruct can be a useful legal tool for individuals and businesses looking to provide for their future financial needs, or to ensure that the wishes of the deceased are followed. It is important for individuals to ensure that the agreement is in accordance with the law of the country in which the property is located, and to ensure that the rights of both parties are clearly defined and agreed upon.