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Boomer couple divide audiences after revealing they're spending their children's inheritance

A couple from Victoria have ignited a fierce debate over spending their children's inheritance, after they revealed they are happy to spend the money on holidays during their retirement years. Leanne and Leon Ryland appeared on the SBS show Insight, along with their son Alex, to discuss how they are spending their retirement fund without considering leaving their cash flow to their two grown up kids. The couple have spent $170,000 on travelling so far, with their goal to visit the wonders of the world taking them to Machu Picchu in Peru, India, Sri Lanka and the Maldives, with the US being next on their agenda. The couple joked the only thing their two sons would inherit would be their “shelf of s***”, a pile of cheap trinkets from their travels. However, the couple also own a home, and have been using their superannuation, pension and savings to fund their travels. Their jet setting comes after they saw a financial planner before they retired about four years ago after saving their whole lives. “We’ve done all the right things by investing in property, boosting up our super, making sure that was healthy, going without a lot of things,” Ms Ryland said. <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/reel/C9JyzoDvYkM/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/C9JyzoDvYkM/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Insight at SBS (@insightsbs)</a> </div> </blockquote> “And he said, ‘You’re crazy if you don’t retire when you can, because you’ll spend most of your wealth on travel or whatever in the first 10 years and then after that it slows down’." “It’s changing your mindset. You get into a phase now where you actually spend instead of save.” The cashed-up boomers run a Facebook group called “SKIclub”, which stands for “spending kids inheritance”, where retirees can share travel tips. Ms Ryland said she’s trying to convince her husband they have to “spend now, because if we don’t spend it, you know he gets it”, pointing to her son. “We’re not going be able to spend all this money so let’s do it because in another 10 years we won’t be climbing the Great Wall of China. We won’t be going up Machu Picchu,” she said. “We won’t be doing those things. So we’ve gotta do it now because what else is there?” The attitude of the couple quickly welcomed a wave of criticism online, who were quick to brand the pair as “entitled”. “SBS Insight tonight is hilarious — boomer privilege at its best & still not conscious of it. So entitled,” one person wrote on X. “Boomers are evil … bragging about overseas holidays with no regard for the environment, spending all their money so their kids have no inheritance,” another wrote. “Clogging healthcare due to their perceived entitlement for health and refusal to die. Selfish and privileged.” However, despite the views of many on social media, the couple’s son Alex appeared to support his parents' decision. “It’s their money,” he told the program. “They’ve worked hard their entire life and invested well in order to get that money so I think they should be able to do whatever they’d like with it.” Alex's sentiment was echoed by others online, with one person saying, "They have a right to do what they want, after the years of being so amazing and responsible for raising a kids, their turn is now." Another simply stated, "It's their money, they can do what they want." Insight’s ‘The Boomer Economy’ is available to stream on <a title="https://www.sbs.com.au/ondemand/news-series/insight" href="https://www.sbs.com.au/ondemand/news-series/insight" data-outlook-id="534ae148-66c7-42db-b3ee-8f15bf016de4">SBS On Demand</a> now. Image credits: SBS

Retirement Life

What you need to know about protecting your children’s inheritance

For many people, ensuring that their children’s inheritance is protected is of paramount importance to them. There are a number of strategies that you can put in place to achieve this objective, you just need to determine which one bests suits you and your family’s circumstances. Put a Will in place By putting a Will in place, you get to decide who your assets go to, allowing you to make provision in your Will for them to pass to your children upon your death. If you do not have a Will in place then it is up to the government where your assets get paid and this may mean that your assets do not pass to your children, or do not pass to them in the manner that you desire. Play it safe and ensure things go the way you want them by taking the time to put a Will in place. Testamentary trust Let me introduce you to Testamentary Trusts. These amazing vehicles allow you to transfer your wealth to your children in the most asset protective and tax effective way possible. With an increasing number of marriages crumbling and divorce rates soaring, the last thing you want is your hard earned wealth passing to your child’s estranged partner in the event of one of your child’s marriage breakdown. By making provision in your Will leaving your children’s inheritance in a Testamentary Trust it protects their inheritance from any divorce or family law risks if your child’s relationship breaks down. Additionally, you may have a child who works in a high-risk occupation – a doctor, financial advisor or perhaps carrying on the role of a director. Alternatively, your child may be an entrepreneur, taking risks in their own business operations. If something adverse happened to your child whilst they were undertaking these roles and they were sued, they could be personally liable for them for any actions brought upon them by the aggrieved party. Creditors and other associated parties could only seek recourse to moneys owed by your child from them in their own personal capacity. If your child had received their inheritance in their own name, and hence the assets were now individual assets, the creditors and other associated parties would have recourse in recovering funds owed to them by your child. However, if your child’s inheritance was paid to a Testamentary Trust for their benefit at the time of your death then these assets would be held on trust for them and are not personal assets, hence the creditors and other associated parties would not have recourse in respect to these assets. Blended marriages If you have children from a previous marriage, it’s imperative that you obtain the appropriate legal advice in respect to how to protect your assets for your children. There are a number of options that you can put in place including a Binding Financial Agreement and a Mutual Wills Agreement. There are also strategies that you can put in place which ensure that your assets pass to your children upon your death. Options are also available where you may wish for your partner to receive some benefit of some of your assets during your lifetime with all assets passing to your children upon your partner’s death. Choose the right executor If you have young children, it will be your executor who looks after your children’s inheritance until your children reach the age that you have stipulated in your Will that you would like them to receive your assets. It is therefore imperative that you have the best person possible to undertake this role as you are effectively giving them the keys to everything that you own and control. That’s big. You need to appoint someone that you trust implicitly to undertake this role. You need to appoint your most trusted ally. Your executor also needs to be financial savvy or receptive to obtaining the appropriate financial advice to enable them to look after and grow your children’s inheritance. It is important that you seek the appropriate advice so that you can put the best strategies in place that protect your children’s inheritance in the best manner possible. There are a number of ways that you can protect your children’s inheritance, you just need to find the best one that works for you and your children. Melisa Sloan, author of Big Moments, expert advice for conquering those moments that define us, is a lawyer, industry leader, author and board director who loves helping people put in place beautiful legacies. For more information visit www.melisasloan.com.au Image credits: Shutterstock

Money & Banking

Senior changes will to leave fortune to pets instead of family

An elderly woman in China has decided to leave her $A4.3 million fortune to her pets instead of her three children, after she claims they never visited or took care of her when she was sick. The Shanghai woman, known by her last name Liu, drafted the will a few years ago according to the <a href="https://www.scmp.com/news/people-culture/trending-china/article/3248592/elderly-china-woman-leaves-us28-million-assets-beloved-pets-instead-children-who-never-visited-even" target="_blank" rel="noopener">South China Morning Post</a>. However, as her three children rarely contacted her, and left her on her own while she was sick, Liu decided her cats and dogs were more deserving of her multi-million dollar fortune, and changed her will. Chen Kai, an official from the China’s Will Registration Centre headquarters, told her that leaving her entire inheritance to animals is illegal in China, but there is a way for her to ensure her pets get taken care of. “Liu’s current will is one way, and we would have advised her to appoint a person she trusts to supervise the vet clinic to ensure the pets are properly cared for,” he told the South China Morning Post. Another official added that Liu could always change her mind, if her children changed their attitude. “We told Auntie Liu that if her children change their attitude towards her, she could always alter her will again,” the official said. Image: Getty

Family & Pets

All of the incredible royal jewels Queen Mary just inherited

In a weekend filled with regal splendour and historic significance, Crown Princess Mary of Denmark not only <a href="https://www.oversixty.com.au/lifestyle/family-pets/king-charles-message-to-mary-as-she-becomes-queen" target="_blank" rel="noopener">ascended to the esteemed title of Queen</a> but also found herself adorned with the resplendent Danish Crown Jewels. The symbolic transfer of these extraordinary treasures, formerly belonging to Queen Margrethe, marks a momentous chapter in the Danish monarchy, and for Mary, it's a journey into the rich history of royal glamour. The Danish Crown Jewels, a collection with a lineage spanning centuries, tell a story of devotion, legacy and timeless elegance. Initiated by Queen Sophie Magdalene in the 1700s, each subsequent queen has contributed to and enhanced the collection, resulting in four dazzling "parures", or sets, each a testament to the enduring craftsmanship and artistry of Danish royalty. The Emerald Set: A Gift of Love Across Generations At the heart of the collection is the Emerald Set, a masterpiece featuring diadem, necklace, brooch and earrings adorned with emeralds and brilliant-cut diamonds. Originally gifted to Queen Sophie Magdalene in 1723 by King Christian VI, the set exudes a captivating blend of history and sophistication. As Queen Margrethe has demonstrated in the past, the pieces can be worn together or detached for a versatile, regal allure. Pearl Ruby Set: A Timeless Elegance in Red and White The Pearl Ruby Set, with its origins in the late 1600s, boasts a pearl necklace from Queen Charlotte Amalie, complemented by a matching pearl, ruby and diamond brooch and earrings. The ensemble, enhanced by Queen Caroline Amalie in the 1840s, mirrors the colours of the Danish flag. The set's adaptability, such as the pendant attachment to the pearl necklace, reflects a harmonious blend of tradition and innovation. Brilliant Set: Diamonds that Sparkle with History The Brilliant Set, featuring a brilliant-cut diamond necklace, floral bouquet brooch and earrings dating back to 1840, was the choice of Queen Margrethe for her son Frederik's wedding. This set, rich in symbolism, is a dazzling testament to the enduring sparkle of Danish royalty. Paired with the Floral Aigrette tiara, it adds a touch of timeless grace to any royal occasion. Rose Cut Set: A Delicate Affair with Rose-Cut Diamonds The Rose Cut Set, with necklaces and brooches fashioned from rose-cut diamonds, whispers tales of Princess Charlotte Amalie from centuries past. Worn sparingly by Queen Margrethe, it holds a unique place in the collection, and its rare appearances evoke a sense of antiquity and refinement. For Queen Mary, this accession to the Danish Crown Jewels is not just a privilege but a responsibility to carry forward the legacy of elegance and grace. These jewels, worn by every Queen of Denmark since the 1700s, are not merely adornments; they are a connection to the nation's history and a symbol of continuity. Reserved for special occasions, such as state visits and the New Year Reception, the Danish Crown Jewels will now find a new muse in Queen Mary. Ensconced within the walls of Rosenborg Castle when not in use, these jewels remain a source of pride for Denmark, a tangible link to its regal past. As Queen Mary steps into this new chapter of her royal journey, the Danish Crown Jewels will undoubtedly witness many more moments of joy, solemnity and regal radiance, reflecting the enduring spirit of a nation intertwined with its royal heritage. Images: Instagram / Getty Images

Money & Banking

Mick Jagger reveals why his children won't get his inheritance

Mick Jagger has revealed that he won't be sharing his wealth amongst his eight children when he dies. The Rolling Stones frontman has amassed an impressive fortune of $500 million over his 60-year career in the limelight. In an interview with the Wall Street Journal, the 80-year-old musician hinted that he doesn’t want to sell the band’s post-1971 music inventory. Jagger teased that the money should go to charity instead of his offspring. “The children don’t need $500m to live well. Come on,” he joked to the publication. He went on to say, “You maybe do some good in the world.” Jagger’s oldest child is daughter, Karis, 52, whom he welcomed with Marsha Hunt in 1970. In 1971, he wed ex-wife Bianca Jagger and had daughter Jade, 51. Jagger also shares four children with ex-wife Jerry Hall, whom he was married to from 1990 to 1997: daughters Elizabeth, 39, and Georgia May, 31, and sons James, 38, and Gabriel, 25. He and model Luciana Morad Gimenez welcomed son Lucas, 24, in 1999, and his youngest child, son Deveraux, 6, with girlfriend Melanie Hamrick, arrived in 2016. Image credits: Getty Images

Money & Banking

Rod Stewart’s son blows through inheritance

Rod Stewart’s son, Sean Stewart, has allegedly spent all of his inheritance in an attempt to rebrand his clothing line. A source told Page Six Style exclusively that Sean had “cashed out” the funds he would have received upon his father’s death in order to salvage the failing Dirty Weekend brand. “It’s insane because this is the third time I think he’s relaunching Dirty Weekend,” the source revealed. “Maybe third time’s the charm.” Reps for Sean and Dirty Weekend did not return Page Six Style’s requests for comment. In March, the son of the British rockstar posted about his company’s rebrand and credited artist Hector De Marquez for helping him with the relaunch. “Really proud of the work me and @hectordemarquez have put into rebranding dirty weekend,” the 42-year-old captioned the Instagram post. “Someone who finally sees my vision. What makes a successful business and entrepreneur is the team you have behind you.” The brand was originally launched in 2022. He also recently married his partner Jody Weintraub in Las Vegas on Valentine’s Day. He had known his now-wife, also 42, since high school. She is the daughter of late producer Jerry Weintraub. The pair eloped and made their way back to Los Angeles to celebrate the special day with the infamous musician and his ex-wife Alana Stewart, who is Sean’s mother. The British icon married Alana in 1979 but they divorced after five years. Stewart, 78, has been married to his current wife, Penny Lancaster, for 14 years. During Stewart’s 2023 Australian tour, the lovebirds <a href="https://www.oversixty.com.au/lifestyle/relationships/rod-stewart-s-secret-ceremony" target="_blank" rel="noopener">renewed their vows</a> in a secret ceremony. Image credit: Instagram

Money & Banking

Aussies want their parents to spend their nest egg

New research has found that most Australians would rather see their parents and grandparents spend their retirement savings than receive an inheritance. In the last 20 years, inheritances in Australia have totaled almost $1.4 trillion, averaging out to about $67 billion a year. The average inheritance is approximately $125,000 and goes to a recipient of about 50 years of age. The new report from CompliSpace has suggested a shift in attitudes for how Aussies think about inheritances, while also helping to bridge the aged care funding shortfall, which is set to increase. It is estimated that the Australian government spends approximately $24 billion each year on aged care, which is less than half of the global average. Melbourne woman Louise Lucas shared her attitudes on her parents spending their nest egg, telling <a href="https://www.9news.com.au/national/inheritance-values-changing-parents-urged-to-spend-not-leave-to-kids/3764f9cd-5287-4520-948a-e6de08ce2d1d">9news.com.au</a> she was “heartily all for” her parents leaving her nothing in their will, as long as they had a comfortable retirement. "I'm a mortgage broker and I've met a lot of retired people who are just hanging on and not living very well," she said. Louise went on to say that while it is better for older people to spend their money during their retirement years to live comfortably and stay active, it would also give the economy a boost. "Money's for experiences, you'd like to think, not things," she said. "If you've got more than $100,000 in the bank when you die, you've wasted your time and money." Image credits: Getty Images

Retirement Income

Super has become a taxpayer-funded inheritance scheme for the rich. Here’s how to fix it – and save billions

Australia’s A$3.3 trillion superannuation system is supposed to boost people’s retirement incomes. The government says as much in its <a href="https://treasury.gov.au/sites/default/files/2023-02/c2023-361383.pdf">proposed leglislated objective</a> for superannuation. The system is supported by billions of dollars of tax breaks each year, ostensibly to that end. But there’s just one problem – increasingly, much of what is saved is never spent. Our new report, <a href="https://grattan.edu.au/report/super-savings-practical-policies-for-fairer-superannuation-and-a-stronger-budget">Super savings: Practical policies for fairer superannuation and a stronger budget</a>, points out that without an overhaul, super tax breaks are set to do little more than boost the inheritances of Australians with well-off parents. Super contributions and super earnings are both taxed more lightly than other income. These tax breaks cost the budget about $45 billion (2% of Australia’s gross domestic product, or GDP) each year. Treasury predicts that figure will hit 3% of GDP by 2060, and that the cost of super tax breaks will overtake the cost of the age pension by as soon as 2036. Super tax breaks are also unfair: about two-thirds go to the top 20% of earners. This means the tax breaks provide the biggest boost to the super accounts of high earners, who will almost all have a comfortable retirement regardless, and who tend to save the same regardless of the tax rate imposed. The wealthiest 10% of Australians get a bigger boost to their retirement savings from super tax breaks than poorer Australians get from the age pension. But much of what is saved for retirement never actually gets spent in retirement. Earlier research by <a href="https://grattan.edu.au/news/balancing-act/">Grattan Institute</a> and the <a href="https://treasury.gov.au/sites/default/files/2021-02/p2020-100554-udcomplete-report.pdf">2020 Retirement Income Review</a> found that, for a variety of reasons, spending falls substantially during retirement. Retirees often end up leaving much of their nest egg untouched, bequeathing it to their children. This means billions of dollars in super tax breaks simply end up boosting the inheritances received by the children of well-off parents. It makes super a taxpayer-funded inheritance scheme. This problem is set to get worse. With the rate of compulsory superannuation legislated to rise from 10.5% of wages to 12% by 2025, future generations of retirees are set to retire with even larger nest eggs that they will never spend. Treasury projects that by 2059, one in every three dollars paid out of the super system will be a bequest, up from one in every five today. Big inheritances boost the jackpot from the birth lottery. They help richer children get richer. Among the Australians who received an inheritance over the past decade, the wealthiest fifth received on average <a href="https://grattan.edu.au/news/the-great-australian-nightmare/">three times</a> as much as the poorest fifth. To help reverse this, the government needs to rein in the super tax breaks. <h2>How to make super fairer</h2> The government’s policy, <a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/superannuation-tax-breaks">announced in February</a>, of taxing the earnings on balances bigger than $3 million at 30%, instead of 15%, will help. But the threshold ought to be lowered to $2 million. Balances between $2 million and $3 million are very unlikely to be spent in retirement, so winding back tax breaks on earnings on balances bigger than $2 million would further wind back taxpayer-funded bequests. And there’s more. Currently, many wealthier Australians receive a larger tax break per dollar contributed to super than many low income earners. Yet low earners have more to be compensated for. Putting money into their super cuts their age pension in retirement, and they live shorter lives, meaning less time to enjoy their super in retirement. The pre-tax contributions of people earning more than $220,000 a year should be taxed at 35%, instead of the 30% charged to those earning more than $250,000 currently. That would still offer a 10% tax break on super contributions for high earners (given the top marginal rate of 45%) and at least a 15% break on the contributions of low and middle earners. And the annual pre-tax contributions cap should be lowered from $27,500 to $20,000. Contributions above this level tend to be made by people close to retirement with already-high balances. <h2>Tax earnings in retirement the same as while working</h2> On the earnings side, the tax-free earnings enjoyed by retirees on their first $1.7 million ($1.9 million from 1 July this year) of their super should go. Superannuation earnings in retirement should be taxed at 15%, the same as superannuation earnings before retirement. This would save the budget at least $5.3 billion a year, and much more in future, and make taxing super more simple. More than 70% of this revenue would come from the top 20% of retirees. The top 10% would pay an extra $7,000 to $7,500 a year on average, whereas the poorest half would no more than $200 more each. Both sides of politics say they agree that super shouldn’t be a taxpayer-funded inheritance scheme. But there’s a long way to go before that vision is reality. Image credits: Getty Images This article originally appeared on <a href="https://theconversation.com/super-has-become-a-taxpayer-funded-inheritance-scheme-for-the-rich-heres-how-to-fix-it-and-save-billions-202948" target="_blank" rel="noopener">The Conversation</a>.

Retirement Income

Fate of Graceland finally decided

Reports have finally confirmed that the iconic Memphis, Tennessee estate, Graceland that famously belonged to Elvis will go to Lisa Marie Presley's daughters, following her death from cardiac arrest at 54 years of age. Elvis’ granddaughters will inherit the estate after ownership was called into question. Graceland was first passed down to Lisa Marie when she was just nine, following the death of her legendary father in 1977. Graceland will now be entrusted to Lisa Marie's daughters, actress Riley Keough, 33 and 14-year-old twins Finley and Harper Lockwood. Lisa Marie will also be honoured with a public memorial service at Graceland following her death. A representative Riley has said that "Riley, Harper, Finley, and Priscilla are grateful for the support, well-wishes, and outpouring of love honouring their beloved Lisa Marie. A public memorial service has been arranged on the front lawn of Graceland at 9:00 am on Sunday, January 22 in Memphis, Tennesee." Her final resting place will be at Graceland next to her son Benjamin, who sadly died by suicide in 2020. Riley is the daughter of Lisa Marie and her first husband, Danny Keough, who also tried to save her life after she went into full cardiac arrest the day she died. Finley and Harper are the daughters of Lisa Marie and her fourth husband, musician Michael Lockwood, who Lisa Marie officially split from in 2021. According to the official website of Graceland, the estate was left to Lisa Marie in trust when she was nine. The trust officially dissolved on her 25th birthday in 1993, which gave her full ownership of the home. Lisa Marie later formed The Elvis Presley Trust to manage the property alongside her mother, Priscilla Presley, and the National Bank of Commerce. Images: Wikipedia / Getty Images

Real Estate

Almost half of Australians don’t know how to talk about inheritance

It’s no secret that having conversations with family about money are often very awkward and difficult to have. However, when it comes to talking about inheritance, these are conversations that can’t be put off. New research has revealed that over 40 percent of Australis are yet to have important and proactive conversations with their loved ones about inheritance, despite 74 percent saying these conversations are necessary. Australia is currently in the midst of the biggest intergenerational wealth transfer in history, with baby boomers set to hand over $3.5 trillion to the next generation. Despite this, the new research shows that 20 percent of people don’t know how to broach the discussion with their families, even though 48 percent of people agree that having the conversation about a legacy before a person passes away will cause less conflict amongst beneficiaries. The research, commissioned by financial educator and communicator Vanessa Stoykov, reveals the compelling need for Australians to be confident and comfortable having conversations with family about money. “The time is now for Australians to become more financially literate and break down unhelpful beliefs about money and talking about it. This is about equipping ourselves with financial skills and independence,” says Ms Stoykov. “It can be tricky to navigate difficult conversations around money, but everyone needs to have a dialogue with their partners, parents, children and grandchildren. This is not just about whether someone is leaving money, but also the financial legacy that you pass on to your children," Ms Stoykov said. "Talking openly to them is a legacy and gift in itself.” Image credits: Getty Images

Retirement Income

5 mistakes to avoid when leaving an inheritance

Unlike virtually everything else in life, inheritance mistakes aren’t felt by the person who makes them. It’s those left behind who must deal with the fallout. What will your loved ones ultimately inherit? Estate planning. Wills. Inheritance. Nobody enjoys talking about these because they reflect our own mortality. Yet they have major ramifications for the loved ones we leave behind. Mistakes can be devastating. Thankfully, though, the most common inheritance mistakes are easily avoided. Mistake #1: Failing to plan A simple equation governs legal and money matters: failing to plan = planning to fail. Inheritances left to chance risk your wishes not being carried out. Disagreements between siblings and/or other benefactors become more likely – particularly if you are divorced/separated or have a blended family. Additionally, the government could wind up the biggest winner, with unclaimed assets seized by the state. The result? Benefits are wasted and relationships damaged – perhaps permanently. Mistake #2: Set-and-forget Sadly, I have seen this many times – someone’s ‘set-and-forget’ mindset meant their estate plans were outdated on their death, leaving behind significant question marks. Who inherits assets not covered in the will? What happens to assets left to someone who has already died? Do children born after the plans were drafted inherit at all? If you’ve been separated, outdated plans could see your ex become your primary beneficiary. Your grieving current partner could be forced to contest in court – and risk losing even more in legal fees – or miss out altogether. The same goes for divorced children and their ex. Treat your will like your garden – it should be tended regularly to be its best and allowed to grow and adapt to suit your changing circumstances. Mistake #3: When a will won’t do Wills cover many aspects – dividing money and assets; delegating custodianship of any children under 18 and how they will be provided for; and nominating the executor(s) of your estate. However, contrary to popular belief, a will is not the be all and end all. Separate legal entities and certain financial assets are not covered by a will, including businesses, trusts and similar structures, and – crucially – superannuation. These require you to nominate your beneficiaries within those entities. Property can also be treated outside of a will, as joint tenants have an automatic right of survivorship. As tenants in common, you can gift your share to someone else, such as children. Remember though, if your partner still lives in the property but someone else inherits your share (especially if the two don’t get along), your partner could be pressured to move or sell – even if they have nowhere else to go. Mistake #4: Hindering, not helping While your intention may be to support family, you may inadvertently leave them worse off or see their benefits squandered if inheritances are poorly planned. For example, leaving property to someone who cannot afford the upkeep could be counterproductive. What if it can’t be sold? If they live in it and must sell, where will they go? Can they afford the same location? With taxes, will Capital Gains Tax be better managed if assets are sold from within your estate or once ownership is transferred? Will dividends/rental income push up their income tax? Will a super death benefit be taxable? Plus, many people don’t realise that under 18s income tax rates are higher than most adult tax rates. Mistake #5: Failing your partner Death inflicts enormous and often sudden change onto a surviving spouse or partner, if you have one. If not retired, they may need time off work to grieve and manage affairs. Funeral costs accumulate. Your income stops. Economies of scale (living costs are less per person for couples than for singles) disappear. They may be unable to look after themselves. Ask yourself: <ul> <li>Do you have life insurance? Funeral cover?</li> <li>Is cash readily available for them to live on while your affairs are settled? </li> <li>What provisions are made for meeting mortgage repayments without your income?</li> <li>How much superannuation is left for their twilight years? </li> <li>Can they operate/sell the business if you’re self-employed?</li> <li>Do they need paid-for care?</li> </ul> Inheritance is a complex business and that complexity compounds with the number of assets and beneficiaries. To ensure your wishes are implemented and your legacy is a positive one, I implore you – get good professional advice and make a thorough, up-to-date plan, one which works for both yourself and everyone set to inherit from it. Helen Baker is a licensed Australian financial adviser and author of the new book, On Your Two Feet: The Essential Guide to Financial Independence for all Women (Ventura Press, $32.99). Helen is among the 1% of financial planners who hold a master's degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="https://onyourowntwofeet.com.au" target="_blank" rel="noopener">www.onyourowntwofeet.com.au</a> Image credits: Getty Images

Retirement Income

Surprise discovery shows you may inherit more from your mum than you think

What if we could inherit more than our parents’ genes? What if we could inherit the ability to turn genes on and off? These possibilities have come to light after our <a href="https://www.nature.com/articles/s41467-022-32057-x" target="_blank" rel="noopener">recent study</a>, published in Nature Communications. We found information in addition to our genes was passed down from mum to offspring to affect how their skeleton develops. That’s the “epigenetic” information that’s normally reset between generations. Our research was in mice, the first case of its kind in mammals where a long-lasting epigenetic effect from the mother’s egg is carried down to the next generation. This has lifelong consequences for that generation’s health. However, we cannot be certain the equivalent epigenetic changes are also inherited in humans, including the implications for how our skeleton develops and potential impact on diseases. <h2>Hold up, what’s epigenetics again?</h2> Our genes (packages of DNA) tell our body to make certain proteins. But our cells also need instructions to know whether a gene should be used (switched on) or not (switched off). These instructions come in the form of chemical or “epigenetic” tags (small molecules) that sit on top of the DNA. You accumulate these tags throughout your life. Think of how punctuation marks help a reader understand a sentence. Epigenetic tags allow the cell to understand a DNA sequence. Without these epigenetic tags, the cell might make a protein at the wrong time or not at all. Timing is crucial in how embryos develop. If certain genes are expressed (switched on to produce a protein) too early or too late, an embryo will not develop properly. <h2>What did we find?</h2> We were interested in understanding the function of a protein in mouse eggs (ova) called SMCHD1. By removing SMCHD1 from mouse eggs, we found mice that developed from eggs lacking SMCHD1 had an altered skeleton, with some vertebrae in the spine being disrupted. This could only be explained by an epigenetic change due to the loss of SMCHD1 in the egg. In particular, we looked at a set of genes known as Hox genes. These encode a series of proteins known to control how mammals’ skeletons develop. Hox genes are found in all animals, from flies to humans, and are crucial for setting up our spine. Evolution has finely tuned the timing of the expression of Hox genes during embryonic development to ensure the skeleton is assembled correctly. <blockquote class="twitter-tweet"> Happy to share that my first first author paper is out in <a href="https://twitter.com/NatureComms?ref_src=twsrc%5Etfw">@NatureComms</a> showing that maternal SMCHD1 regulates Hox genes in the mouse embryo! Thanks to my PhD supervisors <a href="https://twitter.com/BlewittMarnie?ref_src=twsrc%5Etfw">@BlewittMarnie</a> <a href="https://twitter.com/Eddy_McGlinn?ref_src=twsrc%5Etfw">@Eddy_McGlinn</a> <a href="https://twitter.com/hashtag/Epigenetics?src=hash&ref_src=twsrc%5Etfw">#Epigenetics</a> <a href="https://twitter.com/hashtag/InHoxWeTrust?src=hash&ref_src=twsrc%5Etfw">#InHoxWeTrust</a> <a href="https://t.co/taYQmt1NAU">https://t.co/taYQmt1NAU</a> 1/n — Natalia Benetti (@nataliabenetti_) <a href="https://twitter.com/nataliabenetti_/status/1551709619361239040?ref_src=twsrc%5Etfw">July 25, 2022</a></blockquote> Our study showed that epigenetic tags established by the mother’s SMCHD1 in her egg can impact how these Hox genes are expressed in her offspring. The findings are a big surprise because almost all epigenetic tags in the egg are erased shortly after conception. Think of this a bit like a factory reset. This means it’s unusual to have epigenetic information from the mother’s egg carried on to her offspring to shape how they grow. <h2>What does this mean for us?</h2> Our findings suggest even the genes you don’t inherit from your mother can still influence your development. This may have implications for the children of women with variants in their SMCHD1 gene. Variations in SMCHD1 cause human diseases such as a form of <a href="https://www.betterhealth.vic.gov.au/health/conditionsandtreatments/muscular-dystrophy" target="_blank" rel="noopener">muscular dystrophy</a>. In the future, SMCHD1 might be a target for new medicines to alter how the protein functions and help patients with diseases caused by variations in SMCHD1. So it’s important to understand what consequences the disruption of SMCHD1 in the egg might have on future generations. <h2>How about other diseases?</h2> Scientists are now beginning to understand that the epigenetic tags added to our genes are sensitive to changes in the environment. This can mean environmental variations, such as our diet or level of physical activity, can affect how our genes are expressed. However, these changes do not alter the DNA itself. The epigenetic state undergoes the most changes when the egg is developing and during very early embryonic development, due to the “factory reset” between generations. This means the embryo is more vulnerable to epigenetic, including environmental, changes during this developmental window. As we discover more cases where epigenetic information is inherited from the mother, there may be instances where the diet or other environmental changes the mother experiences could impact the next generation. Given that scientists can now study what happens in a single egg, we are well placed to determine how that might happen and work out what exactly we could be inheriting. This article originally appeared in The Conversation. Image: Shutterstock

Body

Pippa Middleton to gain noble inheritance

Pippa Middleton could be joining her older sister Kate in royal life with a title of her own, inherited from her father-in-law. Her husband, James Matthews, is the eldest son of David Matthews, and is in line to inherit his father's title as Laird of Glen Affric, along with a 10,000-acre Scottish estate near Loch Ness. If he does receive the hereditary title upon his father's death, that would see Pippa and James become Lord and Lady Glen Affric. The Commonwealth-recognised title would make the couple members of the nobility, one step down from royalty. Pippa and James, a former professional racing driver and hedge fund manager, married in 2017 and share three children: Arthur, three, Grace, one, and three-week-old Rose. The news of their future title comes as the family reportedly plan to relocate to a 31-hectare lot in Buckleberry, less than an hour’s drive from the Middleton’s new home in Windsor. Their new home will reportedly mimic Jeremy Clarkson’s Diddly Squat Farm Shop, complete with glamping, cabins and a restaurant. Kate and Pippa’s parents, Michael, 73, and Carole, 67, also live in Buckleberry, which has been a long-time base for the family and where they founded a party accessory company in 1987. Image: @pippa.middleton.matthews (Instagram)

Beauty & Style

How an Aussie senior inherited her long-term home from her landlord

An Australian senior has finally been able to retire after she received an incredible gift from her long-term landlord. Jane Sayner, 74, was used to a life of waking up to her 3am alarm to go and work at a fruit and vegetable market in Epping in order to pay her rent and make ends meet. However, Jane has now been able to turn off her early morning alarm for good after inheriting her home from her late landlord. Jane rented off St Albans multi-millionaire John Perrett, who famously left his $18-million fortune to the Royal Melbourne Hospital when he died in 2020. Mr Perrett was the local pharmacist in the suburb of Melbourne, but made his riches through clever investing, all while continuing to live humbly in the neighbourhood. While the majority of his generous donation to the hospital has gone towards technology and research in the renal department that delivered him a kidney transplant, his philanthropic nature wanted to ensure Ms Sayner did not have to worry about finding a new place during her own health battle. After renting the two-bedroom St Albans unit for 23 years, Jane was shocked to receive a call from her landlord before he died after a battle with Parkinson’s. While the pair were on good terms, Perrett’s offering was next level, as he left the home to Jane. Mr Perrett also left another property to another tenant in St Albans, while another flat he owned similar to Jane’s was sold for about $400,000 to go towards the hospital donation. Jane paid $250 a week in rent, which barely rose over the last two decades, and would never have been able to afford anything like what she had if her home had been sold following her landlord’s death. Instead of still having to wake up at 3am to work at the market full-time, Jane now enjoys the simple life of a retiree as she tends to her garden and dreams of travelling to Canada. Image credits: realestate.com.au

Real Estate

Man ordered to repay $201,000 “inheritance” to the bank

A grandfather has been left shocked by his bank, after they have ordered him to repay $201,000. Russell Alexander, 54, contacted Barclay’s Bank after huge sums of money were deposited into his account. Confused by the large sum, he reached out to Barclay’s and got no reply. Eventually, representatives from the bank told Russell that the money was part of an inheritance and to keep it, he told <a href="https://www.thesun.co.uk/news/16694791/handyman-renovated-home-barclays-mistake/">The Sun</a>. He used the money to renovate a fixer-upper house he purchased after his divorce, and could now make more expensive changes to his renovation project. However, nine months after the money first hit Russell’s account, Barclay’s realised they had made a mistake and took all the money back, including an extra $11,000 of Russell’s own money. Due to the brash withdrawal of funds, Russell has been left living in a semi-derelict home with no heating, and no money to improve his situation. Barclay’s admitted that the money was transferred to Russell by accident, and he was “incorrectly advised that he could keep the funds”. Russell said, “I’m totally outraged at their offer of £500 ($A1000) compensation. “I’ve been a loyal customer for 40 years and they clearly told me twice the money was mine to spend.” “I planned to renovate the house to rent out rooms on Airbnb, but I’ll need to work now to earn the money and it will take years.” “I never would have bought it if I didn’t have the extra money.” “Barclays have stolen my future plans and left me living like a stowaway.” Image credits: Shutterstock

Money & Banking

How much do you need to retire comfortably?

Calculating how much money you’ll need for your retirement can be difficult because you need to take a number of factors into account including how much money you have now, how long it will last you and what your plans are for your future. The other factors you need to take into account include your lifestyle and the number of years you’ll spend retired. Additionally, estimating how much you’ll have when you plan to retire depends on factors such as your current salary, super balance and assets. With so many factors, it’s easy to see why you might need a retirement calculator to get an idea of your retirement savings needs. Companies such as AMP have <a href="https://www.amp.com.au/retirement/calculator/retirement-calculator">retirement calculators</a> on their sites and you can use these to get an indication of whether there’s a shortfall between how much you are estimated to have and how much you’ll need in retirement, and put a plan in place to address the situation. How much is enough for retirement? The Association of Superannuation Funds of Australia (ASFA) estimates that Australians aged around 65 who own their own home and are in relatively good health, will need between $535 and $837 per week for one person and between $774 and $1186 per week for a couple. The lower amount will be for a more modest lifestyle but this is still better than living on the <a href="https://www.amp.com.au/retirement/prepare-to-retire/retirement-pension-types">age pension</a>. While the higher amount would be for a more comfortable lifestyle with a broad range of leisure and recreational activities – including domestic and international travel. For Australians on above-average incomes, another rule of thumb to estimate how much money you’ll need in retirement is to assume you will require 67% (two-thirds) of your pre-retirement income to maintain the same standard of living. What are your retirement lifestyle expectations? Ultimately, how much money you'll need for your own retirement is very personal, and will depend on your own situation, wants, needs and lifestyle expectations. It may help to factor in your day-to-day spending habits, your recreational activities and hobbies and whether you’ll be entering retirement debt-free. How long will you work for? The age at which you retire can have a significant impact on how much money you have and how much money you need in retirement. It can depend on factors such as your health, debts, super balance, age you can access your super, whether you have dependants and your partner’s retirement plans (if you have one). How long will you be retired? Keep in mind if you're planning to retire at around the age of 65, it’s likely you’ll live for another 20 years or so. Men aged 65 can expect to live to 84.6 years, while women can expect to live to 87.3 years. How much money will you have in retirement? The money you use to fund your life in retirement will likely come from a range of different sources including the following: Superannuation Knowing your super balance is a crucial part of planning for retirement because it's likely to form a substantial part of your retirement savings. The age pension Depending on your circumstances and assets, you could be eligible for a full or part age pension or alternatively, you may not be eligible for government assistance at all. Check up on this by <a href="http://www.yourpension.com.au/APCalc/">visiting this age pension site</a> which has a calculator and you can ascertain your eligibility. Investments, savings and inheritance You may be planning to downsize your house, sell shares or an investment property, or use money you’ve saved in a savings account or term deposit to contribute to your retirement. Or perhaps an inheritance or the proceeds from your family’s estate may help you out in your later years. So these will all need to be taken into account. How retirement calculators can help If you use one of the <a href="https://secure.amp.com.au/ddc/public/ui/retirement-needs/">retirement calculators</a> available online, you can work out how much you’ll need in your retirement. Often when you go through all the steps of using a retirement calculator, it shows you how much you’ll need to fund your entire retirement and sometimes this points to a shortfall. While this news may seem scary, it’s not an uncommon situation. Luckily, finding out about the possible shortfall now means there may still be ways to boost your savings before retirement. What do you do if you won’t have enough to retire? If you find you’re facing a shortfall in retirement, there are several things you can do to get your retirement on track. You could consider boosting your super through additional contributions, delaying your retirement, adjusting your retirement lifestyle expectations, or selling other assets. Simply by having an idea of your current and projected retirement savings, thanks to using retirement calculators, you can work out a plan to improve your situation. The earlier you start, the easier it may be for you to reach your retirement goals. Image: Getty Images

Retirement Income

Daniel Craig explains why his children will inherit nothing

<div> <div class="reply-list-component"> <div class="reply-component"> <div class="reply-body-component"> <div class="reply_body body linkify"> <div class="reply-body-wrapper"> <div class="reply-body-inner"> <div class="body_text redactor-styles redactor-in"> Daniel Craig has zero plans to leave an inheritance to his children. He admitted during an interview with UK’s Candis magazine that he finds the practice of leaving money to descendants “distasteful”. "Isn't there an old adage that if you die a rich person, you've failed?" he said. "I think Andrew Carnegie gave away what in today's money would be about 11 billion dollars, which shows how rich he was because I'll bet he kept some of it, too. “But I don't want to leave great sums to the next generation." He went on to add: “I think inheritance is quite distasteful. "My philosophy is get rid of it or give it away before you go." Craig has a reported net worth of US$160 million (approx. $220 million). He has three children, Ella, 29, Henry, 15 and a daughter he welcomed into the world in 2018. </div> </div> </div> </div> </div> </div> </div> </div>

Money & Banking

Elizabeth Hurley speaks out against her son’s grandfather

Elizabeth Hurley has spoken out against her son Damian’s paternal grandfather, releasing a statement criticising the decision to prevent the 19-year-old from inheriting an expected $330 million AUD (or $354 million NZD) from his family trust. Damian’s father, Steve Bing, died by suicide in 2020 at 55. He and Hurley dated between 2001 and 2002. Steve Bing’s father and Damian’s paternal grandfather, multimillionaire Dr Peter Bing, made an appeal against Damian and his half-sister, Kira Kerkorian, to receive a share of Steve Bing’s fortune as they were born out of wedlock. In a statement made to The Daily Mail over the weekend, Hurley said she was hurt by Dr Bing’s decision, especially after Steve had won a court battle overturning Dr Bing’s attempt to exclude Damian and Kira from the family trust before his death. “When Stephen took his own life, he died thinking his children were going to be taken care of,” Hurley said in the statement. “Stephen fought very hard in his last year to have his children recognised and repeatedly told me how incredibly important it was to him. “What Stephen wanted has not been callously reversed. I know Stephen would have been devastated.” Although Damian reportedly didn’t have a relationship with Steve growing up, Steve called Damian and expressed hopes of building a relationship with him on the then 18-year-old’s birthday, according to Hurley. On the anniversary of his father’s death, Damian shared a tribute on Instagram, saying the “last year has been bloody hard”. <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/CQbk0n3l9kA/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="13"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/CQbk0n3l9kA/?utm_source=ig_embed&utm_campaign=loading" target="_blank">A post shared by Damian Hurley (@damianhurley1)</a> </div> </blockquote> “He was happy beyond belief that the trial verdict ruled that Damian was to be treated like his sister’s children as far as the trust was concerned,” the Austin Powers star continued in her statement. “I am just relieved that Stephen will never know that Damian’s relatives - Stephen’s father and the family of his sister Mary - were ultimately successful in their appeal against the original trial verdict.” Kira’s mother, former professional tennis player Lisa Bonder, also contributed to the statement. “As a mum, I wonder why on earth this had to happen. Why make two innocent kids into victims?” Bonder said. Following the court’s decision, Steve’s fortune will be split between his sister Mary’s two children, Anton Ellis and Lucy Ellis. Steve, who founded Shangri-La Entertainment, inherited his fortune when he was 18 from his grandfather, who was a real-estate mogul. Image: Elizabeth Hurley / Instagram

Money & Banking

Princess Diana’s nephew set to inherit fortune

Louis Spencer is set to one day inherit his family’s incredible historic estate. 27-year-old Louis is the youngest son of Charles Spencer, and yet he is still heir to his father’s earldom thanks to England’s primogeniture rules. These archaic set of laws sees that titles are passed down to firstborn sons. His inheritance will include the Althorp estate, where Louis' late aunty Princess Diana lived from the age of seven until her marriage to Prince Charles. It also the place where the royal is buried. Louis' sister Lady Kitty Spencer recently addressed the issue of primogeniture while speaking to Town and Country, calling it a "tricky" topic. "[A]s times are changing, attitudes are as well," she said. <img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7841339/daily-3.jpg" alt="" data-udi="umb://media/bdf7155d1db74b62bb226ab766f991c9" /> "I'm relaxed about it, because I know that it's all out of everyone's hands. As it stands, it's Louis to inherit, and Louis will do an incredible job." Louis' status as the Spencer heir, along with being the first cousin to Prince William and Prince Harry are both major reasons as to why he's considered one of the world's most eligible royals. In 2019, Tatler magazine included him in a list of unmarried men from royal families that included Denmark's Prince Nikolai, Prince Mateen of Brunei and Prince Constantine Alexios of Greece. Louis, whose title is Viscount Althorp, is the fourth child and only son of Charles Spencer and his first wife, Victoria Lockwood. His older sisters are Lady Kitty and twins Lady Amelia and Lady Eliza. While he and his sisters prefer to lead a relatively private life, the family made headlines when they were guests at Harry's wedding to Meghan Markle at Windsor Castle in 2018.

Money & Banking

Who inherited Prince Philip's prized possessions?

Prince Philip has left his prized ponies to his granddaughter Lady Louise, who shares his passion for carriage driving. Lady Louise who is the daughter of Prince Edward and Sophie Countess of Wessex, was taught the sport by her late grandfather. The Duke of Edinburgh was seen watching Louise as she placed third and the Royal Windsor Horse Show in 2019. Philip's prized green carriage and two of his beloved ponies, Balmoral Nevis and Notlaw Storm, made an appearance at his funeral on Sunday. The Duke began carriage driving after retiring from polo at 50 due to an arthritic wrist. The sport was one of the Duke's greatest passions, with the royal even drafting the official rules for international horse carriage riding competitions. In a guidebook he wrote about the sport, Philip said: "I am getting old, my reactions are getting slower, and my memory is unreliable, but I have never lost the sheer pleasure of driving a team through the British countryside." Lady Louise will care for and exercise Philip's black ponies as part of her inheritance. Speaking to The Sun, the teenager had become the Queen's "favourite grandchild" after spending time with her grandparents at their holiday home in Balmoral. Photo: Getty

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