And the Unclaimed Money the Prince is Collecting Did Not Belong to Him.
Under authority dating back to medieval times, the Duchy is entitled to all unclaimed money, propoerty and estates left when someone dies in Cornwall. This is an arrangement known as bona vacantia.
During the last financial year alone, £552,000 passed to the Duchy under the ancient law, which was put in place when the Duchy was created by Edward III in 1337 for his son and heir, Edward, the Black Prince.
Prince Charles reportedly does not keep the money personally however, it is distributed in charitable donations through the Duke of Cornwall’s Benevolent Fund, with a small amount kept in reserve for any future claims on unclaimed estates.
With more than £1 million being passed to the Prince of Wales’s Duchy of Cornwall estate in the last six years from people who died without making a will or having an heir, this is once again a great lesson for those of us not doing our estate planning. A will is critical and keeping record of your accounts and assets, with someone in your family helping oversee them, along with legal counsel is just good common sense.
In America we do not have the same medieval estate laws to deal with, however the SAME end result occurs when someone dies without a will or without accounting for their estates. The property can and will end up in the hands “bank account” of the government and the majority of which is used by the state’s legislature to pay its bills. Unclaimed money discovery by heir hunters can results in scams and unnecessary fees by online services claiming to want to help the consumer discover the unclaimed money due to them.
With respect to what happens to your unclaimed property in general, depending upon the individual State Unclaimed Property laws, most unclaimed money is deposited into the State’s General Fund and is used. With the collection and recovery history of the States this is simply a waste for the consumer. If you have yet to start your free family profile on LostMoney.com, please do so today. LostMoney provides all of its services without cost to the consumer. And I am happy to report, it is an Ad Free, Spam Free & Consumer Friendly website Certified by FarSuperior ID program to protect consumers.