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Posted on 7/17/23 at 8:48 pm to miab777
quote:
One living brother
quote:
One deceased brother with one kid
I don’t believe the widow is entitled to anything since it was/would have been the deceased brother’s separate property, but she might be entitled to a usufruct. I can double check tomorrow
Posted on 7/17/23 at 9:47 pm to LSUGUMBO
used to be called usufruct, use and habitation. nice phrase!
Posted on 7/17/23 at 9:51 pm to Trevaylin
Still called that in legal terms- I’m in O&G so we see it all the time in Louisiana Law- I guess I assumed that’s where the situation was.
Posted on 7/17/23 at 9:54 pm to miab777
Probate City. Plain and simple.
Posted on 7/17/23 at 10:29 pm to LSUGUMBO
So I did retain something after 60 hours of Loyola night law school. LSU Chem E degree paid off much better.
Posted on 8/4/23 at 4:56 pm to Trevaylin
quote:
used to be called usufruct
I see the term usufruct comes up a lot now that I'm getting to the age where people are starting to pass. Is that a Louisiana/Civil Law term or is it common to the rest of the country?
I have been told that if you live in Louisiana, the simplest will you can do is to just leave your estate to your children, subject to an unrestricted usufruct to your spouse. My question is why wouldn't you just pass the full ownership of your estate to your spouse? Is doing the usufruct simply a means to ensure your children get your property too in the event that your spouse remarries?
Posted on 8/4/23 at 5:04 pm to miab777
quote:
One living brother who is married with 3 kids
One deceased brother with a living widow and 1 kid
I've known a family who basically decided... Whoever deals with the bullshite gets the stuff.
I'm actually quite worried that when my father dies I'll be included.
Posted on 8/4/23 at 5:07 pm to Roscoe
quote:
Is doing the usufruct simply a means to ensure your children get your property too in the event that your spouse remarries?
That and it protects the children from if the surviving spouse decided to sell all the assets and give them to her sister or whatever and leave the kids out. Usufruct wouldnt allow the surviving spouse to sell anything, only “use” it. IE live in the house.
Granted, I’m not an attorney, and usufruct is more complex than my simple example.
This post was edited on 8/4/23 at 5:08 pm
Posted on 8/4/23 at 5:18 pm to MikeBRLA
quote:
usufruct
Literally means ‘use and fruits’
Ex: proceeds from oil & gas leases, farm leases/rents, rental properties, etc. It’s a protection for all parties, knowing that the kids can’t sell property out from under the surviving spouse and Vice versa. The kids are known as ‘Naked Owners’ or Usufructuaries. Most of the rest of the country uses a ‘Life Estate’ which serves mostly the same purpose, but is English Common Law, not Napoleonic Code.
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