A Usufruct is a legal institution in which someone, who is not the owner, is given the right to use and enjoy the profits and advantages of something belonging to another as long as the property is not damaged or altered in any way, for a certain period of time. At the end of this period, the property must be handed over to the person who owns it.
A usufruct is basically a life interest which someone acquires in terms of a will. It gives the usufructuary the right to use and enjoy specific assets of the estate for the term stipulated by the testator in the will.