Legal Question in Wills and Trusts in Louisiana
Can a surviving spouse "trade" usufruct of a high end residential property for a lesser valued property?
2 Answers from Attorneys
Not unilaterally, no. However, you can make some sort of contractual arrangement with the other heirs to do so. You would have to put that deal in writing. If the Judgment of Possession has not been signed yet, I would have the Court also sign off on the agreement by putting it into the final Judgment.
If you can't do that, you can also rent out the property over which you have usufruct and live elsewhere on the money you receive from rent. You can rent out property you have usufruct over, you just can't sell it or encumber (e.g., mortgage) it.
Interesting.......they own the usufruct, but have certain responsibilities to maintain the property. Anyone who would trade for the use of property is taking a huge risk.