usufructuaries

A usufructuary is an individual or entity granted the right to use and enjoy the profits or benefits of property owned by another person, without altering the substance of the property itself. This right is known as a usufruct. The owner of the property retains the underlying ownership, often referred to as the naked owner, and their rights are limited during the period of the usufruct.

The usufructuary has the right to possess, manage, and derive income from the property. This can include collecting rent from a property, harvesting crops from land, or receiving dividends from stocks. However, the usufructuary has a duty to preserve the property in good condition and return it to the owner in substantially the same state at the end of the usufruct. They are typically responsible for ordinary maintenance and repairs, as well as paying property taxes and other ongoing charges.

Usufructs can be established for a specific period, such as a number of years, or for the lifetime of the usufructuary. Upon the termination of the usufruct, the rights of the usufructuary cease, and the naked owner regains full rights over the property. This legal concept is common in civil law jurisdictions and is used in various contexts, including estate planning and family law.