What is usufruct?

The full ownership of a property is composed ofusufruct and the bare-ownership.

The attributes of the right of ownership (occupying a property, selling it, collecting the income) are divided between the usufructuary and the naked owner. In this case, we are talking about dismemberment of property rights.

L'usufruct is the right to enjoy property without being the owner of it and provided that it is preserved, that is to say maintained. It's another person who has the bare-ownership good.

You can be usufructuary in any of the following situations:

• If you are a parent, you have usufruct over the property of your children under the age of 16. Your children are the naked owners of the property.
• If you are a widow or widow, you receive the assets of your deceased spouse in usufruct. The children of the deceased become non-owners of the property.

You can also benefit from a usufruct or a bare-ownership by will, court order or contract (sale or gift of usufruct rights or bare ownership).

You can be a usufructuary or a naked owner of a immovable property or a movable property.

This means that you can, for example, have the usufruct or naked ownership of a house, a security, a social share, a bank account, claim, furniture.

In a dismembered property, your rights bare owner are limited.

You can sell your bare property. On the other hand, the sale of full ownership of the property can only be done with the agreement of the usufructuary.

You must give your consent to the usufructuary to use the rural, commercial, artisanal or industrial leases.

As a usufructuary, you must meet the following obligations:

• Make an inventory of the goods before their use if they are movable property
• Make an inventory of the property before its use if it is a real estate

• Ensuring the proper conservation of the property, i.e. maintaining it
• Commit to the reasonable enjoyment of the property by providing a signed document to the bare owner, unless the latter exempts you
• Pay property tax, housing tax and property wealth tax (depending on the value of the property) if it is real estate
• Do all maintenance repairs. Major repairs are the responsibility of the bare owner unless they result from the lack of maintenance on your part (for a property, major repairs only concern the main work).

As a naked owner, you must:

• Let the usufructuary use the property as he wishes. For example, if it is a real estate, you must respect the right of the usufructuary to occupy the property or to lease it

• Pay for major repairs (the main work) if it is real estate.

The distribution of the value of a property between usufructuary and bare owner is determined by a tax scale.

This scale shall be established on the basis ofage of the usufructuary.

It makes it possible in particular to calculate the amount of registration fees in the case of a gift, succession, sale, etc. In the case of the sale of the property, the usufructuary and the naked owner each receive the fraction of the price corresponding to the value of his right.

To determine the distribution of the value of the property, you can use the following simulator:

Simulator: tax scale for usufruct and naked property

The usufruct shall be terminated in the following situations:

• Death of the usufructuary (except in the case of a gift during his lifetime or transmission by will)
• Expiry of the period for which the usufruct has been agreed (e.g. 30 years where the usufruct is granted to a legal person)
• Usufructuary and naked owner become the same person. This is the case, for example, of a person who owns the usufruct of a house and who buys the bare property of that same house.
• Not used for 30 years
• Waiver of usufruct
• Total loss of the thing on which the usufruct is established. For example, if the building of which you are the usufructuary is completely destroyed by fire, your usufruct ends.
• Misuse of the usufructuary (damage to the property or lack of maintenance)
• At the age of 16 years of the child holding the bare-ownership (the legal usufruct of the parents on this property then ends)

TO At the end of the usufruct, you must return the property. You must also settle accounts to determine what you owe to the non-owner and vice versa.