Robert HardmanTHE Princess has left almost £20 million to her sons under the terms of her will, it emerged last night.
The sum, which will be split evenly between Prince William, 15, and Prince Harry, 12, will be held in trust until the boys are 25. The bulk of the money comes from her divorce settlement from the Prince of Wales plus some of her inheritance from her father, the late Earl Spencer.
The Princess's lawyer, Anthony Julius, has read the will to the two trustees, believed to include the Princess's elder sister, Lady Jane Fellowes. It is understood that it has not been read to the boys. The Princess's small staff at Kensington Palace is preparing the relevant papers in conjunction with Mr Julius.
Much of the Prince of Wales's private wealth is already tied up in trust for Prince Harry because Prince William will one day succeed to the Dukedom of Cornwall.
With the Duchy comes the right to its surplus, which presently provides an after-tax income of about £2 million. Prince Harry, on the other hand, is not assured of any income. Since there is no indication of when Prince William might succeed to the Duchy and given an uncertain political future - the Duchy is answerable to the Treasury - the Princess clearly decided that it would be prudent to make suitable provision for her elder son.
There is some confusion over the destination of many of the Princess's private papers. Her correspondence with the Queen, for example, might be expected to go to the Royal Archives at Windsor Castle. It is believed that, under the terms of her divorce settlement, her divorce papers can be reclaimed by the Prince rather than be left to the discretion of the executors of the estate.
Similarly, certain jewels with a long royal lineage must be returned to the Royal Family under the terms of the divorce settlement. The Queen Mary tiara, for example, will revert to the Queen's custody.
The bulk of her possessions and papers, however, remain with the estate. Much of her jewellery will be part of her estate and it is likely that it would be kept in the family.
kittywinky@yahoo.com