Trust Funds for the Queen's Children and Grandchildren

[HRH Kimetha]

Originally Posted by branchg

William and Harry are both receiving a considerable amount of money from their trusts and are no longer supported by Prince Charles.

According the Prince Of Wales website, he does support the Princes in personal staff. This is according to this statement about his expenditures, "personal expenditure includes the salary cost of 21.7 full-time equivalent staff, including personal secretaries, a chef, grooms, valets, gardeners, farm staff and estate workers, and staff for The Duchess of Cornwall and Prince William and Prince Harry."

[kelly1972]

It looks like William and Harry will receive a considerable amount of money when they inherit their mother's estate. But, What about the other royal grandchildren? Is there trust funds set up for them as well. I'm sure Peter will inherit Gatcombe Park as well as his mother's estate. What about Zara, Beatrice, Eugenie and Louise? Do they have trust funds as well? This is a great thread! Thanks for starting it.

[HRH Kimetha]

Doesn't Gatcombe belong to Anne already?

Their fathers probably put up trust funds for them as maybe the Queen when each were born for education, personal funding etc.

[kelly1972]

I'm sorry HRH Kimetha, I meant when Princess Anne dies Peter will probably inherit Gatcombe Park. Yes, Princess Anne does own it. It was a wedding gift from the Queen to her and Mark Phillips when they got married. Sorry again for the confusion in my post.

[branchg]

The Queen set-up trusts for each of her grandchildren (except William and Harry) to provide for their education and expenses.

[kelly1972]

Does anyone know at what age they receive their trust fund? If it is at 21 than 2 of her grandchildren have already got it then. I wondered if the Queen did set up a trust fund. Thanks for the answer branchg.

[branchg]

Originally Posted by kelly1972

Does anyone know at what age they receive their trust fund? If it is at 21 than 2 of her grandchildren have already got it then. I wondered if the Queen did set up a trust fund. Thanks for the answer branchg.

Well, based on Sarah's divorce settlement as an example, Beatrice and Eugenie are the beneficiaries of a $3 million trust set-up by The Queen, with the income accruing directly to them after 25.

[Elspeth]

Charles gets nothing because he will inherit the vast majority of his mother's personal fortune as the new Sovereign. William gets very little because he will become The Duke of Cornwall and have a sizable income from the duchy. Harry is provided for by his Spencer trust and his mother's legacy.

I think this was also pretty much the case with the way George V left his money, with his eldest son not getting much if any legacy because he'd had money from the Duchy of Cornwall and would have access to the money from the Duchy of Lancaster as well as the other personal property of the sovereign. It seems to have been reinterpreted more recently as George V writing his eldest son out of his will because he didn't trust him, but I think it's pretty much standard procedure for the sovereign (and other close relations) to provide for the younger children who don't have that ready-made source of income like the new monarch does.

[Lumutqueen]

Originally Posted by econo

... the Palace will probably have to decide: support minor royals forever, or make peace with their business deals.

Beatrice and Eugenie have a trust fund, it is theirs to use as they wish and when they wish. William and Harry and presumably Zara and Peter had one as well, W&H have their mothers benefits to hide behind and Z&P have no royal title to criticise over. Beatrice and Eugenie are between a rock and a hard place, one they have not chosen to be in nor can easily get out of.

[Diarist]

Originally Posted by Lumutqueen

Beatrice and Eugenie have a trust fund, it is theirs to use as they wish and when they wish

A nice idea, Lumutqueen, but we actually do not know this. Under English law, Trusts are private and the terms of the trust are governed by a Trust Deed, which is a private legal instrument. Generally, there are two elements to a trust, income and capital. There are very often restrictions on the use of both income and capital. It is common with some trusts to prevent the beneficiaries accessing the capital until they are 25 years old or so. We don't know what the terms of Beatrice and Eugenie's trusts are. There may well be strict clauses about use of the money - athough thanks to Sarah, we know that apparently the restrictions on the use of trust income were lax enough to allow Sarah to 'leech' [as the papers put it] off her daughters' trust funds. I believe Lord_Royal is a solicitor; perhaps he could help us with English Trust law if he drops by here.

Hope some of this helps,

Alex

[Lumutqueen]

Originally Posted by Diarist

A nice idea, Lumutqueen, but we actually do not know this.

You may not know this yes you are right in saying that. But my point still stands, whatever trust fund B&E have received or shall receive can be used as they wish at their discretion.

That's just my information, on what you wrote.

[Diarist]

Originally Posted by Lumutqueen

You may not know this yes you are right in saying that. But my point still stands, whatever trust fund B&E have received or shall receive can be used as they wish at their discretion.

Only insofar as the terms of the trust allow this. And this is law, not discretion........
.

[Lord_Royal]

Originally Posted by Diarist

A nice idea, Lumutqueen, but we actually do not know this. Under English law, Trusts are private and the terms of the trust are governed by a Trust Deed, which is a private legal instrument. Generally, there are two elements to a trust, income and capital. There are very often restrictions on the use of both income and capital. It is common with some trusts to prevent the beneficiaries accessing the capital until they are 25 years old or so. We don't know what the terms of Beatrice and Eugenie's trusts are. There may well be strict clauses about use of the money - athough thanks to Sarah, we know that apparently the restrictions on the use of trust income were lax enough to allow Sarah to 'leech' [as the papers put it] off her daughters' trust funds. I believe Lord_Royal is a solicitor; perhaps he could help us with English Trust law if he drops by here.

Indeed, I am. The trust for Beatrice and Eugenie that Sarah has spoken of is the one made for them by The Queen when Andrew and Sarah divorced. Now, something murky happened in the late 1990s regarding the 500,000 pounds budgeted for a home for Sarah and the girls (the house in Windlesham was said by Sarah to be too expensive to run, so a house was never purchased) and I recall Sarah had a meeting with the trustees of the the B&E trust. I wonder if that 500,000 was added to the trust. ANYWAY...

There is usually two components to a trust: income and capital, both of which can be managed by the terms of the trust. From various articles we know that 1.4 million pounds was put into trust in 1996. Since that time the money has surely generated a substantial income. The trust instrument would explain if and how that income could be spent, the lifespan of the trust and other conditions. The simple fact of the matter is that there is absolutely no way to discern what the trust says since it is a private document. What can be said, without hesitation, is that Princesses Beatrice and Eugenie cannot do as they please with the trust money, they will always have trustees to answer to.

However, the trust will be wound up (as all trusts have a determined lifespan, they cannot go on indefinitely) and at that point the Princesses will have free reign over their funds. Additionally, Saunders v Vaughtier tells us that an adult can collapse their trust at will. As both Princesses are over the age of 18, this may have occurred.

It's also worth keeping in mind that the Andrew and Sarah Divorce Trust 1996 is not the only trust B&E are beneficiaries of. The late HM The Queen Mother established trusts in 1994, totaling 19 million pounds (the vast majority of her cash) for the benefit of her grandchildren so that none of them had to pay any taxes or duties.

So there are certainly two trusts that benefit the York Princesses. There could be as much as 6 million pounds of capital in The Queen Mother 1994 trust for the York girls. We'll never really know.

They should focus on charity and enhancing their image. The role Princess Alexandra fills would be ideal for them.

[Molly2101]

Originally Posted by Lord_Royal

It's also worth keeping in mind that the Andrew and Sarah Divorce Trust 1996 is not the only trust B&E are beneficiaries of. The late HM The Queen Mother established trusts in 1994, totaling 19 million pounds (the vast majority of her cash) for the benefit of her grandchildren so that none of them had to pay any taxes or duties.

Does this Trust fund extend as far as Louise and James, as they were not around when this was set up?

Regarding the article with Prince Charles referring to the girls as twits, we can likely take it with a pinch of salt. We know the Royal brothers do not always necessarily get along, and during certain periods of their life have had rifts with each other. I don't, however, think Charles would call his nieces "twits" in public to members of the press. I could be wrong in thinking that though...

[Lord_Royal]

Originally Posted by Molly2101

Does this Trust fund extend as far as Louise and James, as they were not around when this was set up?

The short answer is NO. As Lady Louise and Viscount Severn were not born (or conceived, nor were their parents married, 1994's a long time ago!) HM The Queen Mother could not establish a trust for any of HRH The Earl of Wessex's children because they didn't exist. For a trust to be valid 3 Certainties must be satisfied: Intention, Subject and Object. Lady Louise and Viscount Severn would have been the Objects (beneficiaries) of the trust but because they didn't exist it is an impossibility that such a trust could be made. As the HM The Queen Mother died in 2002, her estate would have been settled prior to Lady Louise's conception (she was born in November 2003).

Thus, 3 sets of grandchildren benefited from HM The Queen Mother's 1994 Trust. This trust absolutely provides TRH Princesses Beatrice and Eugenie an excellent income. Their wealth, quite simply, is underestimated by the media and they can likely support themselves with ease.

The article about Charles and the York Princesses is all gossip at this point, most unfortunate given the upcoming Diamond Jubilee.

[Molly2101]

Thank you Lord Royal for your infomation. I always imagined SOMETHING would have been put away for Edward's future children, even if he was not married at the time. I am guessing this means Louise and James inherit nothing from their great grandmother, except what they perhaps get from Edward via the Queen Mother?

[Lord_Royal]

Originally Posted by Molly2101

Thank you Lord Royal for your infomation. I always imagined SOMETHING would have been put away for Edward's future children, even if he was not married at the time. I am guessing this means Louise and James inherit nothing from their great grandmother, except what they perhaps get from Edward via the Queen Mother?

Lady Louise and Viscount Severn will inherit from their father. Although it's pure speculation, I cannot see HM The Queen allowing the Wessex children to go without and possess substantially less wealth than their cousins. It wouldn't surprise me a bit if she's set up another trust for them, just as she did for the York princesses with the Sarah and Andrew Divorce Trust of 1996.

[tommy100]

Originally Posted by kelly1972

I'm sorry HRH Kimetha, I meant when Princess Anne dies Peter will probably inherit Gatcombe Park. Yes, Princess Anne does own it. It was a wedding gift from the Queen to her and Mark Phillips when they got married. Sorry again for the confusion in my post.

In Brian Hoey's Not in Front of the Corgi's book (I have no clue how accurate it is but I remember it was previewed in newspapers in the UK) that Gatcombe was not purchased by the Queen in Anne and Mark's names 'in case they divorced'. Its also worth bearing in mind that Mark Phillips lives in Aston Farm which is right next door to Gatcombe and was apparently purchased by the Queen like Gatcombe was, in effect it means there are two houses that will one day be available. One for Peter (Gatcombe) and one for Zara (Aston Farm house) maybe?

It also discusses that Zara and Peter both had a trust fund set up for them when they were born. Apparently Trustees for them include Andrew Parker Bowles (Camilla's Ex husband and Anne's former flame) and Sir Jackie Stewart (Who was at Zara's wedding).

Like I say I don't know how accurate any of this is.

(A link to some extracts from the book)
https://books.google.co.uk/books?id=...20park&f=false

[janjan]

She also got money when the Queen Mother passed on I am just saying one day Charles is going to say to her thanks but no thanks your work isn't needed then she will be left with nothing to do

[Mirabel]

Originally Posted by janjan

She also got money when the Queen Mother passed on

Yes, but I doubt that she got all that much if the Queen Mother left an inheritance to all of her grandchildren and great-grandchildren.

(At least, it probably wouldn't be enough to fund that sort of lifestyle).