When more than two parties as joint tenants for life, or three or more parties as tenants in successive estates, are entitled to the annual interest on a sum of money, or are entitled to the use of any estate, or a part thereof, and are willing to accept a gross sum in lieu thereof, or the party liable for such interest, or affected by such claim, has the right to pay a gross sum in lieu thereof, or if the court in any legal proceeding orders a gross sum to be paid in lieu thereof, the sum shall be estimated according to the then value of an annuity of eight percent on the principal sum during the probable lives of such persons. Probable lives shall be computed from the Makehamized mortality table for total population in the United States, 1969-1971, published by the Bureau of the Census of the Department of Commerce.

a X Ax Axx Axxx Axxxx Cx
b 0 12.060 11.670 11.305 10.958 1.000
c 1 12.291 12.124 11.973 11.832 1.147
d 2 12.291 12.127 11.979 11.843 1.315
e 3 12.286 12.120 11.971 11.834 1.508
f 4 12.278 12.107 11.956 11.816 1.730
g 5 12.267 12.091 11.934 11.791 1.984
h 6 12.256 12.071 11.909 11.760 2.275
i 7 12.242 12.049 11.879 11.724 2.609
j 8 12.227 12.024 11.846 11.684 2.992
k 9 12.211 11.996 11.809 11.638 3.431
l 10 12.192 11.965 11.766 11.587 3.935
m 11 12.171 11.930 11.720 11.529 4.512
n 12 12.149 11.892 11.668 11.466 5.175
o 13 12.125 11.852 11.615 11.401 5.935
p 14 12.102 11.812 11.562 11.336 6.806
q 15 12.078 11.773 11.510 11.274 7.805
r 16 12.055 11.736 11.462 11.215 8.951
s 17 12.032 11.701 11.416 11.162 10.265
t 18 12.010 11.666 11.373 11.111 11.772
u 19 11.988 11.632 11.330 11.062 13.501
v 20 11.964 11.596 11.286 11.011 15.483
w 21 11.939 11.559 11.240 10.959 17.756
x 22 11.913 11.521 11.193 10.905 20.362
y 23 11.886 11.480 11.144 10.850 23.352
z 24 11.857 11.437 11.091 10.789 26.780
aa 25 11.824 11.389 11.032 10.723 30.712
ab 26 11.789 11.336 10.968 10.649 35.221
ac 27 11.751 11.278 10.896 10.567 40.392
ad 28 11.709 11.215 10.818 10.478 46.321
ae 29 11.664 11.148 10.734 10.382 53.122
af 30 11.615 11.075 10.645 10.279 60.921
ag 31 11.564 10.998 10.550 10.171 69.865
ah 32 11.510 10.917 10.450 10.056 80.122
ai 33 11.452 10.831 10.344 9.936 91.885
aj 34 11.391 10.741 10.233 9.809 105.375
ak 35 11.326 10.645 10.117 9.677 120.845
al 36 11.258 10.545 9.995 9.539 138.586
am 37 11.186 10.440 9.868 9.396 158.932
an 38 11.110 10.331 9.735 9.247 182.266
ao 39 11.031 10.217 9.599 9.094 209.024
ap 40 10.948 10.098 9.457 8.936 239.712
aq 41 10.861 9.975 9.311 8.773 274.904
ar 42 10.770 9.847 9.159 8.605 315.263
as 43 10.675 9.714 9.002 8.432 361.548
at 44 10.576 9.576 8.841 8.256 414.627
au 45 10.473 9.434 8.677 8.076 475.500
av 46 10.365 9.288 8.508 7.893 545.309
aw 47 10.254 9.138 8.336 7.707 625.367
ax 48 10.138 8.983 8.160 7.517 717.178
ay 49 10.018 8.824 7.979 7.234 822.468
az 50 9.893 8.661 7.796 7.129 943.217
ba 51 9.764 8.493 7.608 6.930 1081.692
bb 52 9.631 8.322 7.418 6.730 1240.497
bc 53 9.493 8.147 7.226 6.529 1422.617
bd 54 9.352 7.970 7.033 6.328 1631.475
be 55 9.207 7.790 6.838 6.127 1870.995
bf 56 9.057 7.608 6.643 5.927 2145.679
bg 57 8.904 7.423 6.447 5.727 2460.691
bh 58 8.747 7.237 6.250 5.529 2821.950
bi 59 8.586 7.048 6.053 5.331 3236.246
bj 60 8.421 6.856 5.855 5.133 3711.365
bk 61 8.252 6.662 5.656 4.936 4256.238
bl 62 8.078 6.466 5.457 4.740 4881.105
bm 63 7.900 6.267 5.257 4.544 5597.710
bn 64 7.718 6.067 5.056 4.349 6419.521
bo 65 7.532 5.865 4.857 4.157 7361.984
bp 66 7.343 5.663 4.659 3.967 8442.811
bq 67 7.150 5.460 4.462 3.780 9682.318
br 68 6.954 5.256 4.266 3.596 11103.798
bs 69 6.755 5.052 4.072 3.414 12733.969
bt 70 6.552 4.847 3.879 3.234 14603.468
bu 71 6.345 4.640 3.685 3.055 16747.432
bv 72 6.134 4.431 3.490 2.875 19206.157
bw 73 5.920 4.222 3.296 2.697 22025.851
bx 74 5.705 4.015 3.106 2.523 25259.510
by 75 5.491 3.812 2.922 2.356 28967.909
ba 76 5.279 3.615 2.745 2.197 33220.746
ca 77 5.069 3.424 2.577 2.047 38097.950
cb 78 4.861 3.239 2.415 1.905 43691.186
cc 79 4.654 3.057 2.258 1.768 50105.577
cd 80 4.448 2.879 2.106 1.636 57461.677
ce 81 4.244 2.706 1.959 1.509 65897.740
cf 82 4.044 2.538 1.818 1.389 75572.319
cg 83 3.846 2.376 1.684 1.276 86667.243
ch 84 3.652 2.217 1.554 1.166 99391.034
ci 85 3.459 2.061 1.425 1.058 113982.830
cj 86 3.272 1.911 1.302 0.955 130716.878
ck 87 3.097 1.774 1.192 0.863 149907.684
cl 88 2.934 1.651 1.095 0.784 171915.931
cm 89 2.780 1.537 1.007 0.713 197155.252
cn 90 2.630 1.426 0.922 0.645 226100.009
co 91 2.485 1.319 0.839 0.579 259294.204
cp 92 2.350 1.220 0.763 0.519 297361.704
cq 93 2.227 1.131 0.695 0.465 341017.971
cr 94 2.118 1.053 0.636 0.419 391083.501
cs 95 2.024 0.986 0.586 0.380 448499.252
ct 96 1.943 0.931 0.546 0.349 514344.324
cu 97 1.873 0.885 0.512 0.324 589856.243
cv 98 1.811 0.845 0.484 0.302 676454.218
cw 99 1.754 0.810 0.459 0.284 775765.815
cx 100 1.701 0.779 0.437 0.268 889657.545
cy 101 1.651 0.751 0.417 0.254 1020269.949
cz 102 1.602 0.726 0.400 0.241 1170057.821
da 103 1.550 0.703 0.385 0.230 1341836.349
db 104 1.492 0.682 0.372 0.221 1538834.028
dc 105 1.420 0.661 0.359 0.212 1764753.329
dd 106 1.322 0.637 0.348 0.205 2023840.295
de 107 1.178 0.602 0.335 0.197 2320964.336
df 108 0.955 0.535 0.312 0.188 2661709.752
dg 109 0.595 0.383 0.246 0.158 3052480.684
contract signature

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Terms Used In Virginia Code 55.1-504

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
  • United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255

Example: Three persons, ages 30, 40, and 45, are joint tenants for life in the whole of an estate worth $10,500: the equivalent equal age, w, of these three persons is given by the following formula:

a

C30 + C40 + C45
b Cw = ——————— = 258.711 where
c

3

C30, C40, and C45 are found in column 6 of the above table.

A linear interpolation between x = 40 and x = 41 in the above table would yield the value of x = 40.540, which would be the equivalent equal age of the persons involved.

Finally, a linear interpolation between x = 40 and x = 41 would yield the value of A = 9.378 40.540:40.540:40.540.

This figure multiplied by $840 (the interest at eight percent on $10,500) gives $7,877.52 as the gross value of the joint life estate of such persons.

1946, p. 557; Michie Suppl. 1946, § 5133a3; Code 1950, § 55-274; 1973, c. 355; 1981, c. 612; 2019, c. 712.

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