Code of Virginia

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Code of Virginia
Title 55.1. Property and Conveyances
Subtitle I. Property Conveyances
Chapter 5. Commutation and Valuation of Certain Estates and Interests
7/19/2024

Chapter 5. Commutation and Valuation of Certain Estates and Interests.

§ 55.1-500. Annuity table.

When a party as tenant for life is entitled to the annual interests on a sum of money, or is entitled to the use of any estate, or a part thereof, and is 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 life of such person, according to the following table, showing in Column I the present value, on the basis of eight percent interest, of an annuity of $1, payable at the end of every year that a person of a given age may be living, for the ages therein stated:

PRESENT VALUE

---------------------------------------------------------------
---------------------------------------------------------------
---------------------------------------------------------------
 Age last birthdayI lifeII lives
Less than one year12.06011.670
112.29112.124
212.29112.127
312.28612.120
412.27812.107
512.26712.091
612.25612.071
712.24212.049
812.22712.024
912.21111.996
1012.19211.965
1112.17111.930
1212.14911.892
1312.12511.852
1412.10211.812
1512.07811.773
1612.05511.736
1712.03211.701
1812.01011.666
1911.98811.632
2011.96411.596
2111.93911.559
2211.91311.521
2311.88611.480
2411.85711.437
2511.82411.389
2611.78911.336
2711.75111.278
2811.70911.215
2911.66411.148
3011.61511.075
3111.56410.998
3211.51010.917
3311.45210.831
3411.39110.741
3511.32610.645
3611.25810.545
3711.18610.440
3811.11010.331
3911.03110.217
4010.94810.098
4110.8619.975
4210.7709.847
4310.6759.714
4410.5769.576
4510.4739.434
4610.3659.288
4710.2549.138
4810.1388.983
4910.0188.824
509.8938.661
519.7648.493
529.6318.322
539.4938.147
549.3527.970
559.2077.790
569.0577.608
578.9047.423
588.7477.237
598.5867.048
608.4216.856
618.2526.662
628.0786.466
637.9006.267
647.7186.067
657.5325.865
667.3435.663
677.1505.460
686.9545.256
696.7555.052
706.5524.847
716.3454.640
726.1344.431
735.9204.222
745.7054.015
755.4913.812
765.2793.615
775.0693.424
784.8613.239
794.6543.057
804.4482.879
814.2442.706
824.0442.538
833.8462.376
843.6522.217
853.4592.061
863.2721.911
873.0971.774
882.9341.651
892.7801.537
902.6301.426
912.4851.319
922.3501.220
932.2271.131
942.1181.053
952.0240.986
961.9430.931
971.8730.885
981.8110.845
991.7540.810
1001.7010.779
1011.6510.751
1021.6020.726
1031.5500.703
1041.4920.682
1051.4200.661
1061.3220.637
1071.1780.602
1080.9550.535
1090.5950.383

1973, c. 355, § 55-269.1; 1981, c. 612; 1990, c. 831; 2019, c. 712.

§ 55.1-501. Rule of calculation under § 55.1-500.

A. Calculate the interest at eight percent upon the sum to the income of which, or upon the value of the property to the use of which, the person is entitled. Multiply this interest by the present value of an annuity of $1, as set opposite the person's age in the table, and the product is the gross value of the life estate of such person.

B. Example: Suppose a person whose age is 42 is a tenant for life in the whole of an estate worth $10,500. The annual interest on that sum at eight percent is $840. The present value of an annuity of $1 at the age of 42, as shown by the table, is $10.77, which, multiplied by $840, gives $9,046.80 as the gross value of such life estate in the premises, or the proceeds of such life estate.

Code 1919, §§ 5132, 5133; 1946, p. 555; Code 1950, §§ 55-270, 55-271; 1973, c. 355; 1981, c. 612; 1990, c. 831; 2019, c. 712.

§ 55.1-502. Table of uniform seniority.

When any two parties, as joint tenants for life, 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 joint lives of such persons (which probable joint lives shall be computed from the table in this section for computing uniform seniority) as set forth in Column II in the table in § 55.1-500, showing the present value, on the basis of eight percent interest, of an annuity of $1 payable at the end of every year that two persons of given ages may both be living for the ages therein stated:

TABLE OF UNIFORM SENIORITY

---------------------------------------------------------------
---------------------------------------------------------------
---------------------------------------------------------------
Difference of ageAddition to younger age
11
21
32
42
53
64
74
85
96
107
117
128
139
1410
1511
1612
1713
1814
1914
2015
2116
2217
2318
2419
2520
2621
2722
2823
2924
3025
3126
3227
3328
3429
3530
3631
3732
3833
3934
4035
4136
4237
4338
4439
4540
4641
4742
4843
4944
5045
5146
5247
5348
5449
5550
5651
5752
5853
5954
6055
6156
6257
6358
6459
6560
6661
6762
6863
6964
7065
7166
7267
7368
7469
7570

1973, c. 355, § 55-272.1; 1981, c. 612; 2019, c. 712.

§ 55.1-503. Rules of calculation under § 55.1-502.

A. Calculate the interest at eight percent upon the sum to the income of which, or upon the value of the property to the use of which, the joint life tenants are entitled. Multiply this interest by the present value of an annuity of $1, as shown in Column II of § 55.1-500, for the joint equal age of such joint life tenants. The joint equal age of such tenants shall be obtained as follows: Take the difference in age in years between such tenants and refer to the table in § 55.1-502 and add to the younger age the value opposite such difference, and the sum is the joint equal age; take this joint equal age and refer to the table in § 55.1-500 and find in Column II the value of an annuity of $1 a year payable for life during such joint equal age. The product of the interest and the value of an annuity for a given joint equal age is the gross value of the joint life estate of such person therein.

B. Example: Doe, age 30, and Roe, age 40, are joint tenants for life in the whole of an estate worth $10,500: The difference in ages is 10 and, as shown by the table in § 55.1-502, the value opposite age difference 10 is seven. Seven added to 30, Doe's age, gives 37; as shown by the table in § 55.1-500, the value in Column II for an annuity of $1 for two joint lives at joint equal age 37 is $10.44 and no mills, and this, multiplied by $840 (the interest at eight percent on $10,000), gives $8,769.60 as the gross value of the joint life estate of such persons.

1946, p. 556; Michie Suppl. 1946, § 5133a2; Code 1950, § 55-273; 1973, c. 355; 1981, c. 612; 2019, c. 712.

§ 55.1-504. Makehamized mortality table.

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.

aXAxAxxAxxxAxxxxCx
b012.06011.67011.30510.9581.000
c112.29112.12411.97311.8321.147
d212.29112.12711.97911.8431.315
e312.28612.12011.97111.8341.508
f412.27812.10711.95611.8161.730
g512.26712.09111.93411.7911.984
h612.25612.07111.90911.7602.275
i712.24212.04911.87911.7242.609
j812.22712.02411.84611.6842.992
k912.21111.99611.80911.6383.431
l1012.19211.96511.76611.5873.935
m1112.17111.93011.72011.5294.512
n1212.14911.89211.66811.4665.175
o1312.12511.85211.61511.4015.935
p1412.10211.81211.56211.3366.806
q1512.07811.77311.51011.2747.805
r1612.05511.73611.46211.2158.951
s1712.03211.70111.41611.16210.265
t1812.01011.66611.37311.11111.772
u1911.98811.63211.33011.06213.501
v2011.96411.59611.28611.01115.483
w2111.93911.55911.24010.95917.756
x2211.91311.52111.19310.90520.362
y2311.88611.48011.14410.85023.352
z2411.85711.43711.09110.78926.780
aa2511.82411.38911.03210.72330.712
ab2611.78911.33610.96810.64935.221
ac2711.75111.27810.89610.56740.392
ad2811.70911.21510.81810.47846.321
ae2911.66411.14810.73410.38253.122
af3011.61511.07510.64510.27960.921
ag3111.56410.99810.55010.17169.865
ah3211.51010.91710.45010.05680.122
ai3311.45210.83110.3449.93691.885
aj3411.39110.74110.2339.809105.375
ak3511.32610.64510.1179.677120.845
al3611.25810.5459.9959.539138.586
am3711.18610.4409.8689.396158.932
an3811.11010.3319.7359.247182.266
ao3911.03110.2179.5999.094209.024
ap4010.94810.0989.4578.936239.712
aq4110.8619.9759.3118.773274.904
ar4210.7709.8479.1598.605315.263
as4310.6759.7149.0028.432361.548
at4410.5769.5768.8418.256414.627
au4510.4739.4348.6778.076475.500
av4610.3659.2888.5087.893545.309
aw4710.2549.1388.3367.707625.367
ax4810.1388.9838.1607.517717.178
ay4910.0188.8247.9797.234822.468
az509.8938.6617.7967.129943.217
ba519.7648.4937.6086.9301081.692
bb529.6318.3227.4186.7301240.497
bc539.4938.1477.2266.5291422.617
bd549.3527.9707.0336.3281631.475
be559.2077.7906.8386.1271870.995
bf569.0577.6086.6435.9272145.679
bg578.9047.4236.4475.7272460.691
bh588.7477.2376.2505.5292821.950
bi598.5867.0486.0535.3313236.246
bj608.4216.8565.8555.1333711.365
bk618.2526.6625.6564.9364256.238
bl628.0786.4665.4574.7404881.105
bm637.9006.2675.2574.5445597.710
bn647.7186.0675.0564.3496419.521
bo657.5325.8654.8574.1577361.984
bp667.3435.6634.6593.9678442.811
bq677.1505.4604.4623.7809682.318
br686.9545.2564.2663.59611103.798
bs696.7555.0524.0723.41412733.969
bt706.5524.8473.8793.23414603.468
bu716.3454.6403.6853.05516747.432
bv726.1344.4313.4902.87519206.157
bw735.9204.2223.2962.69722025.851
bx745.7054.0153.1062.52325259.510
by755.4913.8122.9222.35628967.909
ba765.2793.6152.7452.19733220.746
ca775.0693.4242.5772.04738097.950
cb784.8613.2392.4151.90543691.186
cc794.6543.0572.2581.76850105.577
cd804.4482.8792.1061.63657461.677
ce814.2442.7061.9591.50965897.740
cf824.0442.5381.8181.38975572.319
cg833.8462.3761.6841.27686667.243
ch843.6522.2171.5541.16699391.034
ci853.4592.0611.4251.058113982.830
cj863.2721.9111.3020.955130716.878
ck873.0971.7741.1920.863149907.684
cl882.9341.6511.0950.784171915.931
cm892.7801.5371.0070.713197155.252
cn902.6301.4260.9220.645226100.009
co912.4851.3190.8390.579259294.204
cp922.3501.2200.7630.519297361.704
cq932.2271.1310.6950.465341017.971
cr942.1181.0530.6360.419391083.501
cs952.0240.9860.5860.380448499.252
ct961.9430.9310.5460.349514344.324
cu971.8730.8850.5120.324589856.243
cv981.8110.8450.4840.302676454.218
cw991.7540.8100.4590.284775765.815
cx1001.7010.7790.4370.268889657.545
cy1011.6510.7510.4170.2541020269.949
cz1021.6020.7260.4000.2411170057.821
da1031.5500.7030.3850.2301341836.349
db1041.4920.6820.3720.2211538834.028
dc1051.4200.6610.3590.2121764753.329
dd1061.3220.6370.3480.2052023840.295
de1071.1780.6020.3350.1972320964.336
df1080.9550.5350.3120.1882661709.752
dg1090.5950.3830.2460.1583052480.684

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
bCw=---------------------=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.

§ 55.1-505. Commutation in case of persons under disability.

In any case in which, under the laws of the Commonwealth, a provision is made for commutation in money of a life estate when all the parties interested are under no disability, such provision shall also apply when any of the parties interested are under disability. Where any of the parties interested are under disability, the court may, upon application of the guardian, conservator, committee, or trustee, if any, and, if not, by a guardian ad litem appointed by the clerk or judge of said court, of any such person, on behalf of his ward, and upon hearing evidence satisfactory to such court or judge, enter an order authorizing such guardian, conservator, committee, trustee, or guardian ad litem to consent on behalf of such person under disability to such commutation. Such consent shall be as valid and effective as if the person on whose behalf it was given were sui juris and had given such consent. All judicial orders and decrees entered prior to July 1, 1960, authorizing any such commutation where persons under disability were interested, are hereby validated and confirmed, provided that nothing in this section shall be construed as intended to impair any vested right.

1926, p. 746; Michie Code 1942, § 5133b; 1948, p. 682; Code 1950, § 55-276; 1960, c. 45; 1997, c. 801; 2019, c. 712.

§ 55.1-506. Commutation of certain life estates.

Whenever a party as tenant for life, or in any other manner, has a life interest in an estate that has been sold under an action for partition or has been reduced to money, stocks, bonds, or notes, susceptible of division and when the total cost of holding such money, stocks, bonds, or notes intact amounts to more than eight percent of the gross annual income, and when the party owning such life estate is willing to accept a lump sum in lieu of such annual income, upon the application of such person entitled to such annual income to any court of record having jurisdiction over the subject matter, the court may order that such party or parties having charge of such money, stocks, bonds, or notes shall pay to the party having the right to receive such annual income a lump sum in accordance with § 55.1-500. This section shall not affect any spendthrift trust.

1926, p. 361; Michie Code 1942, § 5133a; Code 1950, § 55-277; 1973, c. 355; 1981, c. 612; 1990, c. 831; 2005, c. 681; 2019, c. 712.