A report has stated that Queen Elizabeth’s wealth, will, and bequest would remain a secret after her passing.
According to a report in The Times, Queen Elizabeth II’s will would be kept a secret after her passing. The monarchy’s lawyers had previously told the court in the midst of a legal battle over Princess Margaret’s will, “The primary reason and purpose of sealing royal wills are to protect the privacy of the sovereign.”
Queen Elizabeth II was the source of legal authority, hence her will does not require probate as all other wills do.
Queen Elizabeth II might not be as wealthy as most thought
The article claims that Queen Elizabeth II was not as wealthy as people thought since many of the sources of her riches were not her own private property but rather kept in trust for future generations.
The precise quantity of the Queen’s riches and the overall strength of the House of Windsor’s coffers have long been cloaked in mystery and secrecy, despite the best estimates. According to The Sunday Times Rich List and the Bloomberg Billionaires Index, her estimated net worth in 2015 was $340 million.
Queen Elizabeth II received a £101 million inheritance from her mother in addition to a £48 million worth of stamp collection from George V. The Duchy of Lancaster, which is estimated to be worth £652 million, had a net surplus of £24 million in the fiscal year that ended on March 31.
The royal solicitors deal with the taxes
With the tax not being paid, the amount is simply passed from one sovereign to the other and does not appear in the Queen’s will. In 1993, the government of John Major reached an agreement with the queen under which bequests from one sovereign to another would be exempt from inheritance tax.
Michael Nash, who has written a book on royal wills, told the Times, “It is simply sent to Farrer’s, the royal solicitors, and they deal with it it.”
In 1911, Queen Mary persuaded a judge to seal her brother Prince Francis of Teck’s will, the diamonds were repurchased for her.
