In September 2022, the world was shocked to hear about the passing of Queen Elizabeth II. Not only was she Queen of the United Kingdom and other Commonwealth realms from 6 February 1952 until her death in 2022, but she was also queen regnant of 32 sovereign states during her lifetime, and was head of state of 15 realms at the time of her death. The Queen was known not only for her work as a monarch, but also for her vast estate, which was one of the largest and most valuable in the world.
After her death, many were curious about the fate of her estate and what would happen to her wealth. The Queen’s will was revealed to the public, and it shed light on her final wishes.
According to the Queen’s will, a significant portion of her estate was left to her children and grandchildren. However, she also made provisions for charitable donations to various organizations that were close to her heart, such as medical research and animal welfare groups.
The Queen’s estate also included several properties, including palaces, castles, and historic homes, which were left to the state. These properties are now managed by a government agency, which is responsible for preserving them for future generations.
Additionally, the Queen’s art collection, which was one of the largest and most valuable in the world, was also left to the state. This collection is now on display in several museums, where the public can admire the Queen’s taste and appreciation for art.
The usual process when an individual in the UK passes away, is that their Estate has a tax-free exemption of £325,000 and possible additional tax-free exemptions depending on the circumstances when they died. However, due to a ‘sovereign to sovereign’ deal in 1993, any assets left by the Queen to her immediate successor, which in this case is King Charles, are free of inheritance tax. Any additional gifts, which the Queen leaves in her Will to her other children or relatives, will be subject to the usual inheritance tax rules.