Grant of usufruct or life estate
Full Question:
Answer:
In the state of Louisiana, usufruct is a right in a property owned by another, normally for a limited time or until death. It is the right to use the property, to enjoy the fruits and income of the property, to rent the property out and to collect the rents, all to the exclusion of the underlying owner. The usufructuary has the full right to use the property but cannot dispose of the property nor can it be destroyed. This is somewhat like what happens in other states when someone conveys property and retains a life estate interest for themselves or another individual.
The extent of usufruct is defined by agreement and may be for a stated term, covering only certain stated properties, it could be set to terminate if certain conditions are met, such as marriage of a child or remarriage of a spouse, it can be granted to several people to share jointly, and it can be given to one person for a period of time and to another after some stated event occurs.
