Podcast Summary
Unclaimed estates in the UK go to the Duchy of Lancaster: The Duchy of Lancaster, a private estate of the British monarch, benefits from unclaimed estates in the UK, raising questions about fairness and monarchy's role in managing these assets.
In the UK, when someone dies without a will or known next of kin, their assets, including money and property, are transferred to the government. This is a long-standing practice, also applying to dissolved companies. However, in the northwest of England, there's an additional twist: the Duchy of Lancaster, which is the private estate of the British monarch, stands to benefit from these unclaimed estates. The Guardian's investigation, led by Maeve McClenaghan, uncovered numerous cases of people who died without heirs, leaving their belongings and money to be absorbed by the Duchy. This raises questions about the role of the monarchy in managing these assets and whether there's a fairer way to distribute unclaimed estates.
The Duchy of Lancaster's Significant Income from Intestate Estates: Despite claiming some funds for costs, historical obligations, and charities, only 15% of the Duchy of Lancaster's income from intestate estates has gone to charities in the last decade. The majority of the funds have been used for castle and monument upkeep.
The Duchy of Lancaster, an hereditary estate overseen by the British monarchy, receives a significant portion of money from estates of people who die intestate (without a will) in certain areas of the northwest of England. This money, worth millions over the past decade, is referred to as "bona vacantia." While the Duchy claims some of this money goes to cover costs and historical obligations, as well as to charities, investigative reports by The Guardian revealed that only 15% of the funds have been passed on to charities in the last 10 years. Instead, the Duchy's spending on upkeep of castles and historic monuments has increased dramatically. A 2020 policy document even states that the money can be spent on "heritage assets." While the definition of these assets may seem obvious, the revelation of how the funds are being used raises questions about transparency and the true intentions behind their allocation.
The Duchy uses bona vacantia funds for improvements on rental properties and agricultural buildings: The Duchy of Cornwall and Lancaster's bona vacantia funds are being utilized for renovations on rental properties and agricultural structures, generating substantial rental income from these areas of natural beauty and historical significance.
The Duchy of Cornwall and Lancaster's bona vacantia funds, intended for the upkeep of heritage properties and assets, are being used for various improvements on their rental properties, agricultural buildings, and barns, which include installing double glazed windows, new roofs, and boilers. These properties, not limited to listed buildings, are spread across different areas of natural beauty, conservation areas, and sites of local historical importance. The identified properties, which include houses and rental properties, generate significant rental income. For instance, in Clifton, Yorkshire, the Duchy owns 20 houses, and the annual rental income from this street alone is estimated to be around £190,000. In Lancashire, the Duchy spent bona vacantia funds on the upkeep of a farm complex, which later applied for planning permission to turn barn structures into office spaces for potential rental income. The properties' eligibility for these funds was not publicly disclosed, making this information new and intriguing.
The Duchy of Lancaster uses funds from deceased people's estates for property renovations and rentals, indirectly benefiting the monarchy.: The Duchy of Lancaster profits from estates of deceased people, mostly from non-wealthy individuals, for property renovations and rentals, sparking ethical concerns.
The Duchy of Lancaster, an organization owned by the British monarchy, has been using funds from estates of deceased people, who died intestate (without a will), for property renovations and rentals. These properties are then rented out for profit, which indirectly benefits the monarchy. Maeve, a journalist from The Guardian, researched this issue and identified numerous cases where people's estates had been passed to the duchy, and their properties were renovated and rented out. The amounts ranged from as little as £6,000 to over £1,200,000. While researching, Maeve found that the majority of these people were not wealthy and lived in deprived neighborhoods. Their estates were often passed to the duchy without their families or friends even realizing it. This practice raises ethical questions about the use of dead people's money for monetary gain.
Posthumous financial decisions raising ethical concerns: The use of deceased individuals' estates for projects that may not align with their wishes raises ethical concerns, especially for those with limited savings. Transparency and informed consent are crucial to prevent potential misalignment and sadness in the community.
The distribution of deceased individuals' estates, particularly those with limited savings, raises ethical concerns when used for funding projects that may not align with their wishes. This was highlighted in the discussion of Val Taylor's and David Wells Greenhall's estates. Val, a community-minded woman, had her savings used for council projects, while David, a popular local figure and former Bolton Council leader, had his estate go to the Duchy of Lancaster without a clear plan for how it would benefit his community. The lack of transparency and informed consent in these situations adds to the sadness and potential misalignment of posthumous financial decisions. The stories of Val and David underscore the importance of considering individuals' wishes and the potential impact on their communities after their passing.
Lack of transparency in managing unclaimed estates on Duchy of Lancaster's land: The Duchy of Lancaster's process of managing unclaimed estates lacks transparency, making it difficult for next of kin to be located and for the public to access information. This raises concerns about fairness and accountability.
The process of managing estates on the Duchy of Lancaster's land in the northwest of England lacks transparency, making it difficult for next of kin to be located and for the public to access information about unclaimed estates. David's case, which involved the misappropriation of Bona Vacantia funds meant for unclaimed estates, highlighted this issue. The Duchy's use of their lawyers, Farrer and Co, to process estates and search for next of kin, along with the lack of a definitive online list of unclaimed estates, makes it harder for genealogists and air hunters to find the next of kin. The Duchy solicitors, Farrer and Co, declined to comment on the matter, leaving the public in the dark about the specifics of their process. This lack of transparency raises concerns about the fairness and accountability of the Duchy's handling of unclaimed estates.
The Duchy of Lancaster uses unclaimed estate funds to improve their properties: The Duchy of Lancaster, which manages the monarchy's property and finances, has been using unclaimed estates to fund property improvements, generating income for themselves, causing controversy due to lack of transparency and potential profits.
The Duchy of Lancaster, an organization that manages the property and financial affairs of the British monarchy, has been using funds from unclaimed estates for decades to improve their own properties, which in turn generates income for them. This information was not publicly known, and the process of claiming these estates back from the Duchy can be difficult due to the lack of transparency from local authorities. The Duchy has a late claims fund for next of kin to claim the estates back, but only within certain timeframes with accrued interest. The discovery of this practice has caused controversy, and while the Duchy has confirmed that the funds should primarily support local communities and preserve public and historic properties, there are concerns about the lack of transparency and potential profits generated from these improvements. The Duchy has also recently announced that they will be reviewing their investment policies to ensure they align with ethical standards.
Prince Charles and The Duchy of Cornwall's Ethical Investment of Bona Vacantia Money: Prince Charles and The Duchy of Cornwall are moving Bona Vacantia funds into ethically invested funds, but continue to receive and use it on their own rental properties, raising ethical concerns.
The Duke of Cornwall, Prince Charles, and his charity, The Duchy of Cornwall, have been receiving funds from the estates of deceased people in the North West of England, known as Bona Vacantia money, and have recently announced their intention to move these funds into ethically invested funds. However, they have not committed to stopping the receipt of this money or to ceasing the use of it on their own rental properties. The investigation by The Guardian raises questions about the ethical implications of this practice, which has been ongoing since the 13th century, and whether change may eventually come. It is a reminder for everyone to make a will. The full investigation can be read at theguardian.com, and listeners can also listen to the reporting and the Today in Focus mini series on the same topic.
