If the recent announcement of Prince Philip’s retirement from public life is any indication, Royal watchers are right to guess that big changes are in the future for the Royal Family.
At the age of 96, Prince Philip announced that he would be stepping down from his public duties. Just five years his junior at 91 years old, many are wondering if Queen Elizabeth II is not far behind in her own royal announcement.
When that day comes, Prince William and Kate Middleton, the Duke and Duchess of Cambridge, and Prince Harry will all experience a significant shift in fortunes when Prince Charles becomes king.
When Prince Charles becomes king, Prince William will take over his father’s position as duke of Cornwall. Along with his newfound title, he will receive the profits of the Duchy of Cornwall. Every year, Prince Charles receives a profit of about £20.5 million ($26.4 million) from the Duchy.
Talk about old money! The funds for The Duchy of Cornwall were first established in 1337 by Edward III to provide income to his son, Prince Edward.
It gets passed onto the eldest son of the British monarch at birth or when his parent succeeds to the throne. First-born daughters are not entitled to this money.
Prince William will also receive 135,000 acres of land in South West England and an investment portfolio of about £877 million ($1.1 billion).
But what about Harry? Find out how Diana ensured Harry would be cared for …
When she was alive, Diana made sure that her sons were well protected and cared for in every eventuality. She knew that Prince William would likely be well provided for as the eldest son of a king, but without intervention, Harry might not be so lucky.
Prince Charles used some of the funds from The Duchy of Cornwall to fund his charity The Prince’s Trust and to fund the public/private lives of his sons.
But, when William becomes the duke of Cornwall, Harry may lose access to that money.
On their 30th birthdays, the terms of the inheritance were fulfilled and the Princes are now entitled to their entire share of the capital on Diana’s estate.
Princess Diana must have known about Harry’s potential loss of funds when William replaces his father. After her death, a provision was added to her will that permits William to give the bulk of his share of her estate to Harry.
All this time later, Diana may still be looking after her boys.