The passing of Queen Elizabeth II means not only the transfer of the crown to her first son Charles - now officially King Charles III - but also the movement of her personal fortune and the transfer of a huge portfolio of assets ranging from iconic castles to crown jewels into trust, CBS News reports.

Queen Elizabeth II's 70-year reign came during a period of enormous wealth creation around the world, with new ventures springing up in the decades after World War II. But much of her fortune is tied up in tangible assets that haven't really appreciated, like Microsoft or Amazon stock, which have soared 240,000% and 146,000%, respectively, since their initial public offerings.

Still, Queen Elizabeth's historic reign has helped strengthen the British monarchy's brand, which was valued at about $78 billion in 2017, according to an estimate by consulting firm Brand Finance. That amount includes tangible assets such as Buckingham Palace as well as the intangible value of the monarchy's brand, which boosts tourism to Britain and sales of goods bearing the royal warrant or crest, the consultancy notes.

The queen's personal fortune is made up of her ownership of art, jewelry, investments and real estate, which includes Balmoral Castle in Scotland, where she passed away Thursday, and Sandringham House in England. Together, these assets are valued at $500 million, according to Forbes estimates.

According to Forbes, King Charles will inherit most of her personal assets. 

King is not subject to inheritance tax

They say death and taxes are inevitable, but Britain's monarch is legally exempt from one of the main taxes imposed on wealthy people in inheritance: the inheritance tax.

According to The Economist, the country's sovereign pays no inheritance taxes. Thus, King Charles will not face the 40% inheritance tax in Britain that would otherwise "eat up" about $200 million of his mother's fortune.

Inherited wealth: $34.3 billion in assets

Inherited property will now belong to King Charles III as the country's reigning monarch, but there is one catch: It is not considered his private property because it is held in trust. That means he cannot sell the assets.

According to the latest financial report, the Crown Estate corporation includes $34.3 billion in assets and real estate. It includes Buckingham Palace, Kensington Palace, land and real estate throughout London and the United Kingdom. The huge management company is overseen by an independent organization, not members of the royal family, and surplus income is remitted annually to the British treasury.

Although King Charles cannot dispose of the assets of Crown Estates for personal purposes, the royal family benefits financially from his holdings. At least 15% of the corporation's profits go to the royal family in the form of a sovereign grant, according to the royal family's website.

In the last fiscal year, the Crown Estate made $311 million in profits, meaning about $47 million was given to the royal family.

King Charles III: $24 million from the Duchy

Before becoming king, Charles held the title of Duke of Cornwall, which gave him the right to govern the Duchy of Cornwall. That role belonged to the heir to the throne, which meant that the duchy would now pass to Charles's eldest son, Prince William.

The Duchy of Cornwall includes more than 130,000 acres of land worth $1.3 billion, according to Fortune. But, as with inherited property, Charles was not allowed to sell the land, although he earned income by renting it out to farmers, businesses and residents.

According to the Prince of Wales's website, Charles earned $24 million a year from the Duchy.

Charles's 'biscuit' business: $35 million

In 1990, King Charles founded a food business called Duchy Organics, whose goal was to sell organic food - an unusual idea for the time. He partnered with grocery chain Waitrose in 2010, and since then has contributed more than $35 million to the Prince of Wales charity, according to Waitrose.

The business operates separately from the Duchy of Cornwall, and all profits go to charity, according to the Prince of Wales website. The Duchy line products sold at Waitrose range from organic eggs to organic buttered Highland scones.