What Is Usufruct?
A usufruct gives a legal right to “use” property without full ownership. The owner of the usufruct is referred to as the usufructuary and has a right to collect the “fruits” derived from the property.
For example, a usufructuary has the right to receive rentals derived from a piece of real estate but does not have full ownership necessary to sell the property. Ownership can be divided into portions. When a usufruct has been granted on property, the remaining portion of the ownership of property subject to usufruct is referred to as naked ownership. When a usufruct ends, the naked owner regains full ownership and is entitled to all of the rights associated with the property, such as rental income, mineral income, or dividends from stock.
What Is Forced Heirship and Who Are Forced Heirs?
Pursuant to the Louisiana state constitution, forced heirs must receive a portion of a deceased person’s estate. Forced heirs currently include children of the deceased who have not reached their 24th birthday when their parent dies and children who by reason of mental incapacity or physical infirmity, are permanently incapable of taking care of themselves or administering their own estates. For one forced heir, the forced portion is 25% of the estate and for two or more forced heirs, the forced portion is 50% of the estate.