As Prince Harry approaches his 40th birthday on September 15, 2024, reports indicate he will receive a significant inheritance from a trust fund established by his great-grandmother, the late Queen Mother. This financial arrangement, set up in 1994, allocated approximately £19 million for her great-grandchildren.
The trust fund, representing about two-thirds of the Queen Mother's fortune at the time, was designed to provide financial support to her descendants. According to past reports, the beneficiaries were to receive payments on their 21st and 40th birthdays. Interestingly, the Queen Mother, born Elizabeth Angela Marguerite Bowes-Lyon, was known for her financial acumen and was the first member of the royal family to voluntarily pay income tax.
The inheritance is expected to be tax-free, as the Queen Mother's longevity allowed the fund to surpass the seven-year threshold for inheritance tax. She lived to be 101 years old, passing away on March 30, 2002, eight years after establishing the trust. During her long life, she was known for her strong sense of duty, popularity with the public, and her role in supporting the monarchy during World War II.
While exact details of the trust fund remain private, royal experts have suggested that Prince Harry might receive a larger share than his brother, Prince William, as compensation for not being in line for the throne. It is estimated that the brothers received £6 million each at age 21, with an additional £8 million upon turning 40.
Prince William, who celebrated his 40th birthday in June 2022, has since become the Prince of Wales and heir apparent following King Charles's ascension to the throne. In the past year, he received £23.6 million from the Duchy of Cornwall estate.
Other reported beneficiaries of the Queen Mother's trust fund include Zara and Peter Phillips, Princess Beatrice and Princess Eugenie, as well as Viscount Linley and Lady Sarah Chatto. This generous provision reflects the Queen Mother's dedication to her family and her foresight in financial planning.
The Queen Mother's legacy extends beyond financial matters. She was a patron of over 350 organizations, had a passion for horse racing, and was known for her quick wit and sense of humor. Her favorite drink was reportedly gin and Dubonnet, and she enjoyed fishing and hunting in Scotland.
"There was a trust fund set up at the time. It was a way in which the Queen Mother could set aside money for when her great-grandchildren were older and a way of passing a slice of her estate down in a tax-efficient way."
As Prince Harry prepares to receive this inheritance, it serves as a reminder of the lasting impact of the Queen Mother's thoughtful planning for her family's future.