Spanish King Renounces Inheritance

In a continued bid to distance himself from his father, King Felipe VI has renounced his inheritance and stripped his father Juan Carlos of his palace allowance due to uncertainty over business dealings.

Last week, political parties in Spain had their pleas for an investigation to be opened into Juan Carlos’ business dealings rejected. However, this news from the palace may just ignite the need to take a closer look at what occurred when Juan Carlos was on the throne.

The announcement from the palace focuses on the payment the former King is alleged to have received from the late king of Saudi Arabia.

It is reported that Juan Carlos gave $65m to Corinna zu Sayn-Wittgenstein, the businesswoman whose relationship with the then King resulted in him making the decision to abdicate his throne in 2014.

Robin Rathmell, the solicitor for zu Sayn-Wittgenstein revealed that the money from Juan Carlos was an “unsolicited gift” for her and her son.

Over the weekend, the Telegraph newspaper ran a story, revealing that King Felipe VI was named by his father as the beneficiary of the Lucum Foundation fund and the Zagatka fund upon the death of Juan Carlos.

A statement issued by King Felipe VI, revealed that he renounced this inheritance left to him by his father. He also claimed to have no knowledge of the Zagatka fund.

The statement went on to say:

“H.M King Don Juan Carlos ceases to receive the allocation set for him in the buget of the House of H.M the King.”

Today's Wills and Probate