A new report by The Times has revealed that Queen Elizabeth II’s will and her wealth will remain a secret following her death.
“The primary reason and purpose of sealing royal wills are to protect the privacy of the sovereign,” the monarchy’s lawyers had told the court during a legal battle over Princess Margaret’s will.
Unlike all other wills, Queen Elizabeth II’s will does not have to be granted probate because she was the source of legal authority.
According to the report, Queen Elizabeth II was not as rich as people believed her to be as many of the sources of her wealth are held in trust for future generations and were not her private property. Her estimated net worth was worth £277 million and £340 million in 2015 as per the Bloomberg Billionaires Index and The Sunday Times Rich List, respectively.
Valued at about £652 million, the Duchy of Lancaster generated a net surplus of £24 million in the financial year ending March 31. Without any tax being paid, it is simply passed from sovereign to sovereign and does not even appear in the queen’s will.
John Major’s government struck a deal with the queen in 1993 as per which sovereign-to-sovereign bequests would be exempt from inheritance tax.
“It is simply sent to Farrer’s, the royal solicitors, and they will deal with it,” ‘The Times’ quoted Michael Nash, author of a book on royal wills as saying.
When Queen Mary persuaded a judge to hush up the will of her brother Prince Francis of Teck, the will was sealed and the jewels were bought back for her in 1911.