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The world was left in mourning when the beloved Princess Diana tragically passed away in a devastating car accident in August 1997, at the young age of 36.
But did the renowned Princess of Wales leave behind a will?
The answer is yes, and the details of Princess Diana's estate plan and its beneficiaries may surprise you.
In her will, Princess Diana included several significant individuals.
Her two sons, Prince William and Prince Harry, were named as her primary heirs.
Additionally, Paul Burrell, Princess Diana's favorite butler, and her 17 godchildren were also mentioned as beneficiaries.
When creating an estate plan, it is crucial to designate executors or trustees who will ensure that your estate is distributed according to your wishes.
Princess Diana chose her mother, the Honorable Frances Ruth Shand Kidd, and her sister, Lady Elizabeth Sarah Lavinia McCorquodale, for these roles.
Now, let's talk numbers.
The estimated value of Princess Diana's estate, as determined by the High Court of Justice of England, was a staggering £21,711,485, equivalent to over $30 million US dollars.
However, it is important to consider the impact of inheritance taxes, which reduced the estate's net worth to approximately $17 million.
So, what exactly did Princess Diana's will entail?
After receiving approval from the High Court of Justice of England, her fortune was divided according to her stated preferences.
While this list is not exhaustive, here are some key highlights.
Paul Burrell, her loyal butler, received a bequest of £50,000 (around $70,000).
The princess's 17 godchildren inherited sentimental items such as pictures, paintings, and china.
Additionally, all of Princess Diana's wardrobe, including her iconic bridal gown, as well as around $1.4 million and £100,000, were donated to a fund benefiting Prince William, Prince Harry, their spouses and families, and select charities.
Furthermore, any revenue generated from the authorized use of Princess Diana's likeness in commercial endeavors is also directed towards these charitable causes.
As for the remaining land owned by Princess Diana, it was divided equally between her two sons.
They gained access to their inheritance upon Princess Diana's passing at the age of 30, while the revenue generated by the funds stored in the trust became accessible to them at the age of 25.
Now, let's delve into the fate of Princess Diana's famous wedding dress and jewelry.
Her royal wedding to Prince Charles in 1981, held at London's St. Paul's Cathedral, captivated audiences worldwide.
The gown, designed by David and Elizabeth Emanuel, featured a 25-foot train, over 10,000 pearls, and intricate hand embroidery.
Following her untimely demise, the dress became part of the princes' inheritance, with Prince Harry receiving it once he turned 30.
While it remains uncertain when the iconic dress will be displayed next, many of Princess Diana's other renowned pieces of clothing are periodically exhibited.
In addition to the wedding dress, various jewelry items were also passed down to the princes when Prince Harry reached the age of 30.
It is not uncommon to spot Kate Middleton, the Duchess of Cambridge and Prince William's wife, wearing some of the precious jewels left behind by Princess Diana.
In conclusion, Princess Diana's estate plan revealed the beneficiaries of her fortune, including her sons, Prince William and Prince Harry, as well as her loyal butler, godchildren, and selected charities.
Despite the immense value of her estate, taxes significantly reduced its net worth.
As we reflect on Princess Diana's legacy, her iconic wedding dress and cherished jewelry pieces continue to captivate the world, serving as a reminder of her timeless elegance and enduring influence.