Prince Harry is reportedly set to receive millions from the late Queen Mother on his 40th birthday next week, according to The Independent. The media outlet states that the Duke of Sussex will be eligible to receive a substantial sum on September 15 from a trust established by Queen Elizabeth the Queen Mother when he was ten years old.
At that time, the Queen Mother, who was then 94, is said to have set aside a tax-free $40.4 million for her great-grandchildren, as reported by The Times.
The newspaper further explains that the inheritances were divided into two instalments-one to be given to Princes William and Harry when they turned 21, and another on their 40th birthdays.
A former palace aide told The Times: “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.”
Sources suggest that Harry may have received a larger portion of the inheritance than his older brother William, 42. Insiders believe this is because the Queen Mother anticipated that William, as Britain’s future heir, would inherit a more substantial fortune from the Duchy of Cornwall.
William became Duke of Cornwall when he was named Prince of Wales after King Charles’ coronation, inheriting an estimated $50.2 million from the estate.
When the Queen Mother passed away in 2002 at the age of 101, Buckingham Palace released a statement saying, “Queen Elizabeth the Queen Mother has bequeathed her entire estate (which mainly comprises the contents of her houses) to the Queen.”
“In her will, she requested that the Queen make certain bequests to members of her staff, and these bequests will be subject to inheritance tax as usual. The Queen has decided that the most important of Queen Elizabeth’s pictures and works of art should be transferred to the Royal Collection.”
