Readers in Nevada may be interested to learn about new developments in the estate of Diana, Princess of Wales. Prince William, her eldest son and heir to the throne of England, turned 30 on June 21 and became the beneficiary of his mother’s estate. The princess created a trust as a part of her estate plan that split her estate evenly between her two sons. When first created, the trust was to issue the cash at the time the princes turned 25, but that was changed to 30 after the untimely death of Diana.
At the time of her death in 1997, the princess left an estate valued at close to $20.4 million. After the payment of estate taxes ate up $13.4 million of that amount, the remainder was invested. As a result of the careful planning and investment strategies of the trustees of her estate, the princess’ sons will now get $31 million.
Though there are not many in Nevada who can relate to the large value of the estate of Diana, many parents who are seeking to create estate plans have similar goals to that of the princess. When she used a will and a trust to protect her son’s inheritance, the princess chose estate planning tools that are common for many in our state. The intent of these instruments is to distribute an estate as per the wishes of the person creating the plan.
It is unclear just how the prince intends to use his new fortune. He was a wealthy young man prior to his inheritance, but may use the money from the estate of Diana to help others. This use, should he decide to pursue it, would reflect the lifetime of service for which his mother was famous.
Source: TODAY.com, “Prince William turns 30, gets $15.5 million Diana inheritance,” Natalie Finn, June 20, 2012