Here's Where Prince Philip's Multi-Million Dollar Estate Will Go
Prince Philip passed away at the age of 99 on April 9, following a brief hospital stay. The Duke of Edinburgh was the longest-living consort in British history, per CNN. Philip's wife of over 70 years, Queen Elizabeth II, announced his death with an official statement to the public. "It is with deep sorrow that Her Majesty The Queen announces the death of her beloved husband, His Royal Highness The Prince Philip, Duke of Edinburgh. His Royal Highness passed away peacefully this morning at Windsor Castle. Further announcements will be made in due course. The Royal Family join with people around the world in mourning his loss," the statement read.
In the weeks before his death, the duke had spent a month in two London hospitals while being treated for an infection. He also underwent a procedure on his heart for a pre-existing condition. Philip's funeral has been set for April 17. The service will take place at St. George's Chapel at Windsor Castle.
With Philip's passing comes many questions about the future of the royal family, such as who will inherit his estate. Celebrity Net Worth reports that Philip was worth about $30 million at the time of his death, but he may have opted not to share his wealth with certain family members for a very important reason.
Queen Elizabeth may inherit it all
Prince Philip was paid a large yearly salary from the Sovereign Grant, per Express. He and Queen Elizabeth also reportedly invested money in stocks, as well as their considerable art collection, and Elizabeth is expected to keep the assets due to their shared nature. The outlet also reports that Philip's four children, Prince Charles, Princess Anne, Prince Andrew, and Prince Edward, may inherit shares of his assets.
However, the queen may stand to inherit all of Philip's estate if the duke opted to hand down the entirety of his wealth to his wife. By doing so, Philip's estate would utilize a legal clause that allows inheritance to transfer from sovereign to sovereign without additional fees and taxes (via inews). This same clause would eventually allow the Queen to pass down her assets to her eldest son, Charles, at the time of her death. Although, if Philip did leave any of his assets to anyone other than his wife, the royal family could be left paying millions in inheritance tax.
"What's interesting is who he'll give it to," royal author David McClure said. "The most efficient way is to pass it spouse to spouse. If he left his entire estate to the Queen there'd be no tax to pay on it. The Royal Family keeps it in the family when it comes to inheritance. Traditionally, they pass it on to the next in line," McClure added.