Prince Harry, the Duke of Sussex will turn 40 on September 15 and will inherit millions from his late Grate Queen Mother. Prince Harry and his wife Meghan Markle, the Duchess of Sussex are currently living in Montecito, California.
Prince Harry is set to inherit a significant sum of money from a trust fund established by his late great-grandmother, Queen Elizabeth the Queen Mother, on his 40th birthday, which falls on September 15.
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| Meghan Markle and Prince Harry in 2018. Chris Jackson/Getty Images |
According to The Independent, the Duke of Sussex will receive millions - around $10 million from a tax-free trust set up for her great-grandchildren when Harry was just ten years old.
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At the time, Queen Elizabeth the Queen Mother, then 94, allocated a $40.4 million tax-free sum for her great-grandchildren, as reported by The Times. The trust was designed to distribute the inheritance in two parts—one at the age of 21 and the other on the recipients' 40th birthdays.
A former palace aide explained the reasoning behind the trust fund: "There was a trust fund set up at the time. It was a way for the Queen Mother to set aside money for her great-grandchildren when they were older, and a way of passing a portion of her estate down in a tax-efficient manner. It allowed some of her estate to be safeguarded for them."
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| Prince Harry Photo: Max Mumby/Indigo/Getty |
Reports suggest that Prince Harry will inherit more than his older brother, Prince William, due to the Queen Mother’s anticipation that William, as the future heir to the British throne, would receive a larger fortune from the Duchy of Cornwall.
When William was named Prince of Wales after King Charles' coronation, he inherited an estimated $50.2 million from the Duchy of Cornwall estate. According to insiders, this foresight is why Harry was designated a larger portion of the inheritance from the Queen Mother.
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When Queen Elizabeth the Queen Mother passed away in 2002 at the age of 101, Buckingham Palace confirmed in a statement that she had "bequeathed her entire estate to the Queen."
The statement also noted that in her will, the Queen Mother requested that certain bequests be made to her staff, with these subject to inheritance tax. The Queen decided that the most important of her mother's pictures and works of art would be transferred to the Royal Collection.
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| Prince Harry and Prince William - Dominic Lipinski | Afp | Getty Images |
The trust fund was initially valued at £19 million when it was established in 1994 and was designed to provide tax-free lump sums to the Queen Mother's great-grandchildren. Prince William and Prince Harry received £6 million between them when they turned 21, with an additional £8 million set to be distributed when Harry turns 40.
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The inheritance has sparked some controversy, with some questioning how the Queen Mother would have reacted to Harry's recent criticisms of the monarchy.
Royal author Christopher Andersen, in an interview with Fox News, assumed: "Of course, the prince's great-granny couldn't have anticipated all the trouble Harry caused the rest of the family. I think she would have cut him out of [the trust] entirely had she known."
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