Usufruct Information

By: Truwealth  11-11-2011

A usufruct is a personal servitude. It is a right to enjoy the property of another and to take the fruits but to leave such property intact. It may be granted for life or for a specified time or until a happening of a specific event but where granted for a specified time or until happening of a specific event it will terminate if the use of usufructuary dies before such time or before such event has happened.

As part of a estate planning excercise it is sometimes recommended that growth assets are transferred into a trust.

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Once we have received the original Trust documents, we will forward it to the attorneys for registration of the Trust at the Master's Office. You may make use of our Accounting Officer, who will ensure that your Trust complies with all relevant regulations. Every Trust must comply with certain regulations, especially tax regulations. The registration process takes approximately one month. A monthly cost is applicable here.