                                 CODE OF VIRGINIA

MAKEHAMIZED MORTALITY TABLE (§ 55.1-504)

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.
		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:
		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.

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