King Charles to transfer £100m after expose, here’s all we know about ‘money of the dead’

In a recent announcement made by King Charles’ estate, it has been revealed that the British monarch is set to transfer more than £100 million into ethical investment funds. As per the Guardian, the funds that are being transferred include money collected from dead people under the archaic system of bona vacantia. This comes after the backlash faced by the King over the Duchy of Lancaster’s use of funds, which are collected from people who die without a will or next of kin.

FILE PHOTO: Britain’s King Charles III attends the State Opening of Parliament in the House of Lords Chamber, in London, Britain, November 7, 2023. Leon Neal/Pool via REUTERS/File Photo(via REUTERS)

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According to an investigation led by the outlet, it was discovered that the “money of the dead” was secretly being used to renovate properties owned by the King, which are rented out for profits. However, the duchy said that some of the funds were being used for the restoration of “public and historic properties.” Moreover, the King’s estate has also been questioned over a portion of bona vacantia revenues that are given to its charities. The outlet adds that two such charities have used the money to build endowment funds worth over £40 million.

A spokesperson for the estate told the outlet on Friday, “In line with the king’s longstanding support of ethical investing, the Duchy of Lancaster has begun the process of transferring its investment portfolio into ESG funds. This process is expected to be completed by the end of the financial year.” However, the king’s estate has not made any announcement on either a change in the way these funds are being used or a plan to cease collecting the bona vacantia revenue altogether.

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The Duchy of Lancaster Benevolent Fund and Duchy of Lancaster Jubilee Trust are two charities that receive a portion of bona vacantia revenue, which have built major endowment funds worth £18 million and £26 million respectively. Both charities aim for an annual return of £500,000 from their investments. Lancaster and Fleetwood MP Cat Smith said, “Like so many other local people I was surprised to learn the anomaly that means those dying without a will or heir in the county palatine see their assets passed to the king rather than the state. It’s an unjust and archaic hangover from the medieval times and I’ll be seeking advice on how to bring my constituents’ rights out of the feudal era.”