Legal Definitions - vie

The term vie, originating from Law French, refers to life.

In legal contexts, particularly in areas like property law and trusts, "vie" is used to denote the duration of an interest, right, or obligation that is tied to the lifespan of a specific individual.

• Example 1: Life Estate Duration

  Imagine a will where a parent grants their child the right to live in and use a family home for as long as the child lives. Upon the child's death, the home passes to a grandchild. In this scenario, the child holds a life estate. The term "vie" signifies the child's life, which is the measuring stick for how long they can possess the property. The interest in the home lasts for the duration of the child's "vie."

• Example 2: Trust Beneficiary's Interest

  Consider a trust established by a wealthy individual to provide for their elderly aunt. The trust specifies that the aunt will receive monthly income payments from the trust assets for the remainder of her days. Once the aunt passes away, the remaining trust assets are to be distributed to a charity. Here, the aunt's "vie" (her life) determines the period during which she is entitled to receive benefits from the trust. The trust's obligation to pay income is directly linked to the duration of her "life."

• Example 3: Annuity Contract Term

  A person purchases an annuity contract from an insurance company, which guarantees them a fixed annual payment starting at retirement and continuing until their death. The payments cease when the individual dies. In this agreement, the term of the annuity payments is explicitly tied to the annuitant's "vie." The insurance company's obligation to make payments lasts precisely for the duration of the annuitant's "life."