81. The situation is very different from that of a person who is not a fiduciary and does not exercise fiduciary duties. This includes the owner of a property whose fruits or income are subject to usufruct. 40. In modern times, civil law has been strongly influenced by the approach to Roman law. Usufruct with the notion of property associated with it is a fundamental feature of a civil law system. Some even say that it could serve as a hallmark of such a system, just as the doctrine of succession is the hallmark of a common law system. The usufructuary under the French Code has de facto his own right of ownership as a real right, without the property rights arising from personal rights against the trustee, as is the case for English trusts. We hope this article is helpful to you. Please let us know if you would like to discuss drafting a Spanish will, donations or donations/anticipated inheritances or inheritances or transfer of usufruct or simple ownership 76. Trustees owe their „fiduciary duties” and other duties to the beneficiaries of the trust. Directors are jointly and severally liable for any breach of trust in their beneficiaries where such breach has resulted in a loss to the trust fund.

This is not the case under usufruct, since there is no breach of trust or fiduciary duty. In some indigenous cultures, usufruct means that land belongs jointly to the people, but families and individuals have the right to use certain properties. The land is considered village or communal land and is not privately owned. Although people may take fruits from the land, they must not sell or abuse it in a way that prevents the future use of the land by the community. In Thailand, the Commercial and Civil Code is based on the European Civil Code and recognizes the notion of usufruct in clauses 1417 to 1428. The usufruct can be for life or for a maximum of 30 years according to the law. It must be registered with the local land authority to have full effect on third parties, on the Nor Sor Sam title deed or higher. The Ministry of Lands in Thailand will use its own forms and contracts. However, the parties may enter into their own agreements. A usufruct contract in Thai and English can be found here, payment of fees for download.

Although Georgia does not share Louisiana`s civil law history, the Georgia General Assembly created usufruct rights by law. [9] In Georgia, a usufruct is „rights or privileges generally deriving from landlord-tenant relationships, and with privileges granted to tenants who have been less interested in real estate than in real estate for years.” [10] Under Georgian law, if a landowner grants a lease of less than five years, the lease is a usufruct and the owner retains ownership. [11] In addition, Georgian courts consider any relationship between a landowner and a tenant to be usufruct if the restrictions are „so pervasive as to be fundamentally incompatible with the concept of succession for years” or if the landowner retains „dominance and control” over the affairs conducted on the property. [12] These characteristics have made usufruct a common tax planning tool in France. However, tax implications out of France are not always reported to customers, which can lead to problems later if left unchecked. Provided that a usufruct is to be treated as a right in the liquidation of possession, the following consequences occur. These changes are a natural consequence of the 2006 changes to the treatment of inheritance tax for liquidated assets. HMRC acknowledges that the consequences of creating a usufruct of property are much less favourable than before March 2006. Usufruct is the right of a person to use and benefit from property.

Nothing to do with mere possession. The person with the usufruct does not own any part of the property, but has the right to live or use the property. However, this right has value and can be transferred for a certain period of time or for life. Therefore, you can sell the usufruct, give (give) or give it as an inheritance, while keeping the bare one. 48. Where usufruct includes goods which, without being consumed immediately, gradually deteriorate as a result of use, such as linen or furniture, the usufructuary has the right to use them for the purposes for which they are intended and is only obliged to return them at the end of the usufruct in the state in which they are: has not been damaged by his will or fault.34 53.1 Usufruct is granted to a person other than a natural person, a legal person, if it lasts only thirty years36; 59. This is sometimes referred to as the theory of fiduciary duties. This treats a trust as a fair obligation under which the trustee is required to treat the assets of the trust he or she owns as a segregated fund, separate from his or her private inheritance, for the benefit of the beneficiaries or for a useful purpose. This is not the case with a usufruct. 47.

If the usufruct includes things that cannot be used without consuming them, such as money, cereals, spirits, the usufructuary has the right to use them, but at the cost of return, in the end, either items of the same quantity and quality, or their estimated value on the day of return33. 64. According to the Saunders v. Vautier39, although beneficiaries generally do not individually have specific rights to the assets or shares of the trust fund, as a group they have a right to participate in them, which explains the legal ownership but not the cheap ownership of these assets for the trustee. This too is part of the history of trust40, but is not clearly applicable to a usufruct, which is a real right independent of the usufructuary.