The Monday question
According to the Civil Code, “the duration of the usufruct cannot exceed the life of the usufructuary”. Then, with the death of the latter, the naked owner regains full ownership of the property.
by Vincenzo Pappa Monteforte
June 7, 2021
Question. A child has received the usufruct of a real estate from his parent, who has reserved the bare ownership. In the event of the death of the child, does the usufruct pass to his heirs or does it expire and the parent, who is the naked owner, becomes the full owner again? Is it necessary to submit the declaration of succession? How is the value of the asset calculated?
M.S. – Macerata
Answer. Article 979 of the Civil Code provides that “the duration of the usufruct cannot exceed the life of the usufructuary”. Then, with the death of the latter, the naked owner regains full ownership of the property. The fulfillment relating to the consolidation of the usufruct to bare ownership requires a simple cadastral transfer – necessary for the modification of the personal data of the owner of the asset – without submitting the declaration of succession. To calculate the value, the table of coefficients attached to Presidential Decree 131/1986 (Consolidated text of the provisions concerning registration tax) is used, referred to in article 46 of the same Consolidated Law and in article 17 of Legislative Decree 346/1990 ( Consolidated text of the provisions concerning the tax on inheritance and donations).
The question is taken from the insert L’Esperto answers on newsstands with Il Sole 24 Ore on Monday 7 June.
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