What is a usufruct?

A usufruct gives a person, the usufructuary, the right to enjoy the property that belongs to another. The usufructuary has the obligation to preserve said property (NCC Art. 562). Usufructs are created either (1) by law; (2) by will of private persons; or (3) by prescription (NCC Art. 563).

Do parents have usufructuary rights over their children’s property?
By law, parents have usufructuary rights over the child’s property. This ensures that parents who have transferred their property titles to their children can still have a place to stay and enjoy said property (FC Art. 226).

How can I enter into an usufruct with another person?
A usufruct can also be agreed upon voluntarily by will of private persons. It can be by way of a contract, donation, retention of the usufruct by the donor, last wills, etc.

Why do I need a usufructuary agreement?
A usufructuary agreement is needed to protect the rights of both parties and to prevent future disagreements concerning the property. FILEDOCSPHIL’s lawyers can create an agreement for you. CLICK HERE for a free quote.

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