Camille Van Vyve
24 Jul 2025
The surviving spouse’s usufruct: rights, conversion, and estate optimization
Losing a spouse is an emotionally challenging event, often followed by complex estate questions. Under Belgian law, the usufruct granted to the surviving spouse is a key protection that allows the partner to continue using and benefiting from the deceased’s assets. However, this legal mechanism raises practical questions—about its scope, duration, and the possibility of conversion—especially when the estate includes financial investments.
Usufruct and bare ownership: a quick recap
We recently published a detailed blog post about usufruct. In short:
- Usufruct is the right to use an asset and receive income from it (rent, interest, dividends), without the right to sell it.
- Bare ownership is holding the title of the asset without being able to use it.
- When the rights to an asset are split between a usufructuary and bare owner(s), the asset is said to be "dismembered". This division often creates situations where parties have different interests, especially in inheritance cases.
Inheritance rules for married couples with children
In Belgium, when a married person dies without a will and leaves children, the surviving spouse automatically inherits the usufruct of the entire estate, while the children receive bare ownership. This applies to both the deceased's personal assets and their share in jointly owned or co-owned property.
What if there are no children?
If there are no children and no will, the surviving spouse receives usufruct on the deceased's personal assets and full ownership of the deceased’s share of common assets. Other legal heirs (parents, siblings, nieces/nephews) receive bare ownership of the deceased’s personal assets.
Legal cohabitants
Legal cohabitants are entitled only to usufruct of the family home and its furnishings. Unlike married couples, this protection doesn’t extend to the rest of the estate. Other legal heirs inherit the remaining assets in full ownership.
Beware of the reserved portion
You can override these default rules with a will—but not entirely. Belgian inheritance law protects certain heirs with a "reserved portion", meaning they’re entitled to a minimum share of the estate. For the surviving spouse, this includes at least usufruct over half of the estate, and must always include usufruct of the family home and its furnishings.
Usufruct conversion: a practical solution
Usufruct typically ends when the usufructuary dies, at which point full ownership passes to the bare owner(s). In the meantime, co-ownership can be challenging. Usufruct conversion offers a practical alternative: turning the usufruct into a different, economically equivalent benefit.
Different forms of conversion
Usufruct can be converted in several ways:
- The usufructuary buys the bare ownership, becoming full owner by compensating the heirs.
- The bare owners buy the usufruct, paying a lump sum to gain full ownership.
- A life annuity is paid to the usufructuary, based on the value of the usufruct.
- Assets are split, giving some in full ownership to the usufructuary, others to the bare owners.
Who can request usufruct conversion?
Both the surviving spouse and the bare owners (usually the children or other heirs) can request conversion. Ideally, it’s a joint decision. But there are veto rights:
- The surviving spouse can block the conversion of usufruct on the family home and furnishings.
- The deceased can also forbid conversion in their will.
If the parties disagree, the court will decide, balancing everyone's interests.
Converting usufruct on real estate
The value of real estate usufruct depends mainly on two factors: the age of the usufructuary (the younger they are, the higher the value) and the estimated value of the property. Conversion tables are often used in negotiations. These calculate usufruct value as a percentage of full ownership, decreasing with age. “Actuarial tables like the Jaumain or Ledoux tables are more commonly used than legal or tax tables,” explains Julien Limet, estate planning lawyer at Tetralaw. “Legal tables underestimate interest rates and significantly reduce the value of usufruct after age 70, which no longer reflects reality.” Note: buying back usufruct on real estate must be done before a notary.
Usufruct on investment accounts: two scenarios
Managing usufruct on an investment portfolio varies by fund type:
- Distribution funds: straightforward—dividends go to the usufructuary; capital remains with the bare owner.
- Accumulation funds: more complex—no direct income for the usufructuary, as profits are reinvested.
Accumulation funds: an agreement between heirs
In the absence of clear instructions, heirs (usufructuary and bare owner) can negotiate an agreement that defines:
- A lifetime annuity, typically 2% to 5%, simulating income from a distribution fund
- The payment terms (frequency, calculation method, etc.)
- Rules for portfolio rebalancing
This written agreement avoids future disputes while complying with inheritance law. It does not require notarization.
Dismembered accounts at Easyvest
At Easyvest, we offer a simple, compliant solution for managing movable assets in a dismembered structure:
- Dedicated accounts for dismemberment, clearly defining each party’s rights
- Tailored usufruct annuity calculation, with realistic, tax-safe rates
- Automated payments, ensuring regular transfers to the usufructuary
- Separate reporting, with clear documents for each party
This approach enables full use of our long-term accumulation strategies, respects each party’s legal rights, and ensures a stable income for the surviving spouse. Whether you're dealing with a current succession or preparing ahead, our wealth managers are here to help.