Definition of usufruct

The usufruct is a real right that offers the possibility of enjoying the property of another person, the usufructuary, even if he does not have the property. In this sense, you have the right to enjoy the good and obtain its fruits, both in kind and financially. Among the characteristics of usufruct, we highlight that it is a transferable and temporary right, that is, its limit depends on life in the case of natural persons and 30 years in the case of legal persons.

En accounting terms, the elements of the usufruct are the following:

  • The good
  • The property of the good
  • The usufructuary
  • The intention of the owner to assign the use and enjoyment of the property, as well as the claim of the usufructuary to receive it and give it a use.

Likewise, a usufruct presents a different typology, according to the conditions of the assignment and enjoyment of the asset: the legal usufruct, which is dictated by law or by a will; the partial or total usufruct, depending on whether the asset affects in part or in its entirety, and the simple or multiple usufruct, which depends on whether it is enjoyed by one or more people.

A usufructarian has the obligation to keep the property in good condition, post a bond (if previously agreed), prepare an inventory before using the property and deliver it at the end of the established usufruct period.


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