Usufructuaries
A usufructuary is entitled to receive yield and income from account balances subject to usufruct (interest, dividends, etc.).
According to whether the usufruct has been established through a will or through a declaration of heirs when there is no will, and also according to the outcome of the acceptance, division and distribution of the estate, there are various types of usufructuaries, according to whether they have: (i) universal and lifetime usufruct over the entire estate; (ii) usufruct over certain specific assets; (iii) usufruct waiving the obligation to make an inventory and provide guarantees; (iv) widow(er)’s usufruct (1/3 of the assets of the estate); etc.
The different types of hereditary usufruct make it impossible to establish common guidelines on usufructuaries’ entitlement to funds and on banks’ requirements that a usufructuary provide the document evidencing division or distribution of the estate signed by the heirs in order to avail themselves of the funds.
To settle possible doubts on these matters it is advisable to consult the best practice criteria in the Complaints Report.