Posted on 11/24/2023 7:50:20 AM PST by RandFan
The king is profiting from the deaths of thousands of people in the north-west of England whose assets are secretly being used to upgrade a commercial property empire managed by his hereditary estate, the Guardian can reveal.
The Duchy of Lancaster, a controversial land and property estate that generates huge profits for King Charles III, has collected tens of millions of pounds in recent years under an antiquated system that dates back to feudal times.
Financial assets known as bona vacantia, owned by people who died without a will or known next of kin, are collected by the duchy. Over the last 10 years, it has collected more than £60m ($75 million) in the funds. It has long claimed that, after deducting costs, bona vacantia revenues are donated to charities.
However, only a small percentage of these revenues is being given to charity. Internal duchy documents seen by the Guardian reveal how funds are secretly being used to finance the renovation of properties that are owned by the king and rented out for profit.
The duchy essentially inherits bona vacantia funds from people whose last known address was in a territory that in the middle ages was known as Lancashire county palatine and ruled by a duke. Today, the area comprises Lancashire and parts of Merseyside, Greater Manchester, Cheshire and Cumbria.
A leaked internal duchy policy from 2020 gave officials at the king’s estate licence to use bona vacantia funds on a broad array of its profit-generating portfolio. Codenamed “SA9”, the policy acknowledges spending the money in this way could result in an “incidental” benefit to the privy purse, the king’s personal income.
(Excerpt) Read more at theguardian.com ...
Make Britain A Republic Again
Liz, I’d imagine you’re sorely missed by now.
I never could stand that little twerp.
I had no idea they had this arrangement where they assume assets of those who die without a will or next of kin.
That’s quite a nice racket if you think about it.
So, if there are no heirs, it goes to the government. Is that any different than here?
This could make me hope Markle gives him some more pains in the arse. LOL
Poor UK. From an amazing, strongly Christian Queen, to this dullard! God help the UK!
Don’t we have that in this country? It’s called Probate.
Yeah but I dont think it goes to one overlord quite like this
Life under a monarchy.
Thanks Pilgrims. Thank you revolutionary war heroes. Thank you founding fathers.
1776 Worldwide!
The article is good timing is it....
isnt it* I mean
Probate is when government settles an estate amongst heirs. Escheat/eschete is when government takes an estate in the absence of heirs.
We are shocked by this because we don’t have Royalty and never had a feudal system.
Dead people, with no family, assets are taken by the State. In England, it belongs to the State as well, but his rivalry that is the ruling monarch. The Ruling monarch controls Lancaster Castle (war of the Roses stuff).
I don’t see a problem with this.
It has ever been the case that assets escheat to the state if there is no will and no heirs (after a time period). Real property can also default to the state or county if property taxes go unpaid after a certain point.
Just ask Rand Paul.
Thank you for the clarification.
Having had to deal with my mom’s passing a couple of years ago, and my brother, who was named as her executor, the State still decides.
It’s one county. Not the entirety of the country. Not to mention, All Governments do this. I am hardly a fan of Charles but it is silly to blame him for something that is centuries old and incredibly limited in scope.
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