Usufructs usually are for an after death situation in my experience. Like a situation that a property owned outright by a person are willed to others BUT another person is allowed to continue to have use of the property for the rest of their lifetime or as long as they continue to use it (with terms in the will for this).
Usafructs are common for Louisiana where I am. Usually it's placed on a second home or a camp on the Gulf coast that husband owns and done for the 2nd or 3rd wife to continue to use it after he dies BUT the property is willed to his kids from marriage #1. Kids own it but 2nd wife gets to stay at till she dies or stops using it. There should be an income stream to pay for the property costs, like a life insurance policy. These are part of the probate process after death.
Dad's will should state what happens after death with his assets and who benefits from a usafrust with terms on the usufruct .
But Dad's still alive, right? so Dad can sell his property to you or to others if he wants to or needs to.
bussdriver, could you give us more information.... what type of property are you referring to? Land, car, assets? I see from your profile that your Dad is living in a nursing home, so are you trying to unload items from his home?
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Usafructs are common for Louisiana where I am. Usually it's placed on a second home or a camp on the Gulf coast that husband owns and done for the 2nd or 3rd wife to continue to use it after he dies BUT the property is willed to his kids from marriage #1. Kids own it but 2nd wife gets to stay at till she dies or stops using it. There should be an income stream to pay for the property costs, like a life insurance policy. These are part of the probate process after death.
Dad's will should state what happens after death with his assets and who benefits from a usafrust with terms on the usufruct .
But Dad's still alive, right? so Dad can sell his property to you or to others if he wants to or needs to.
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