Prince Philip Inheritance: Who Will Have His Private Wealth, Properties And Title?
After serving as prince consort to Queen Elizabeth for 65 years, Prince Philip was able to diversify his private wealth and properties successfully, leaving a fortune of around £10 to £30 million.
According to Daily Express, the Duke of Edinburgh invested in properties, stocks and rare collections of art and books, which he jointly owned with the queen. However, it is believed that he will pass on some of his prized possessions to members of the royal family.
Confirmed to inherit his horse carriage and fell ponies, which were a significant part of his funeral last April 17, is his granddaughter, Lady Louise. The 17-year-old daughter of Prince Edward has developed the same passion for carriage-riding as Prince Philip, who taught her his favorite pastime when she was younger.
Prince Edward, on the other hand, is expected to take on the title of the Duke of Edinburgh, which will make his wife, Sophie, the current Countess of Wessex, the Duchess of Edinburgh. However, this title inheritance will not pass on to Philip's youngest son just yet as his eldest, Prince Charles, will have to hold on to the title first due to a royal decree.
According to royal expert Marlene Koenig, Charles will pass down his father's title to his brother when he is the king. This was confirmed by the College of Arms following the death of Philip. As it is, however, Edward has been assuming the roles of the Duke of Edinburgh since Philip retired in 2017 and that will continue.
As for Philip's fortune, Queen Elizabeth will inherit her husband's entire estate, which will not require the payment of taxes. According to the experts, this is the most efficient way to manage the fortune of one spouse to the other.
Expectedly, when the Queen passes away, she will leave most of her fortune to her heir, Charles, who will also not have to pay any inheritance tax. Therefore, Philip is leaving his fortune to his wife with an understanding that it will be Charles who will acquire most of his properties and assets next. Years ago, Philip and the queen turned over the management of the Sandringham estates and their farmlands to their eldest son, which means that Charles has been handling his parents' properties for a while.
However, Philip could also part some of his wealth to the charities he supported, which will also be tax-free. However, in his decades of service, the Duke of Edinburgh had been working with more than 800 charities so it might be challenging to determine which group will get a portion of his wealth, without causing a fuss. Thus, it's usually easier for the royal family to keep the inheritance within their unit.
Prince Philip died at home on April 9, at the age of 99 years old, following a month-long hospital stay. His remains are under the crypts of St. George's Chapel in Windsor and will be transferred to the burial site of his wife when she passes on as well.