Meaning of Usufruct: types and termination

The right of usufruct can be temporary or lifelong. In the first case, temporary usufruct, a duration will be set beforehand; for example, 20 years. In the second case, lifelong usufruct, it will last as long as the life of the usufructuary, that is, they will retain the right until their death. The most common are lifelong usufructs obtained in an inheritance.

Legal usufruct is established as one of the types of usufruct constituted by legal provision. The most common is the legal usufruct of the surviving spouse, which occurs when one of the two members of the marriage dies. The deceased's assets remain to be distributed among their heirs (usually, the daughters and sons). In intestate succession, under Spanish common law the spouse has the usufruct of the improvement third, and under Catalan law the spouse has the usufruct of the entire estate. However, in a will, the usufruct of the spouse can be extended or reduced, always complying with the law.

In voluntary usufruct, the voluntary parties can make a living agreement, called inter vivos; or mortis causa, that is, by will. Regarding its duration, usufructs can be temporary or lifelong. The temporary one is granted for a determined and previously established period. The lifelong one ends when the usufructuary dies. It is very common for a married couple to leave in their will the universal and lifelong usufruct of all the assets.

The usufructuaries may use and enjoy the asset and the income that it may generate during the duration of the title.

The usufructuary of a property may live in it and collect the rents it generates if it is rented out. Under no circumstances may they sell the entire property without the consent of the bare owners. Furthermore, they may renovate the house as long as they do not alter its form or substance, but they may not claim financial restitution for such renovations.

The usufructuary also has certain obligations established by law, such as making inventories of the property's assets and their valuation, using the property with care, ensuring the payment of taxes, and carrying out necessary repairs.

In inheritances, it is very common for the homes to remain in usufruct for the partners of the deceased. In this way, the main house is maintained without being able to be sold until the usufruct ends.

If the company generates profits, the usufructuary will also have rights over them.

A usufructuary of a current account may use the money in it, but must return it at the end of the usufruct. However, they may keep any interest generated from that money.

The causes that lead to the extinction of a usufruct can be diverse. They are established in article 513 of the Civil Code.

1. The death of the usufructuary
2. The expiry of the stipulated term (if it is a temporary usufruct)
3. The fulfilment of the resolutory condition (if it was subject to it)
4. The renunciation of a usufructuary
5. The consolidation in the same person of usufruct and bare ownership of the asset in question
6. The extinctive prescription.

If you are the bare owner of a property and the family member who held the usufruct and lived in it has passed away, you have become the full owner of it. However, you must cancel the usufruct in the Land Registry. To do this, you will need to grant the corresponding deed of usufruct termination (this can also be done directly in the inheritance deed). You must provide proof of the usufructuary's death with the relevant death certificate. Subsequently, the tax must be settled, for which it will be necessary to know the value originally assigned, so the original deed must be provided to facilitate the process. Finally, proceed with the registration in the Land Registry.