> Property owned by the Crown is not the property of Elizabeth, as a person.
The Crown and Queen Elizabeth II are different persons. Queen Elizabeth II is a natural person. The Crown is a legal person, a corporation sole – a corporation with only one member, who right now is Queen Elizabeth II. Actually the Crown is not a single corporation, but a number of legally distinct corporations which all have identical membership. There is "the Crown in Right of the United Kingdom", "the Crown in Right of Canada", "the Crown in Right of the Commonwealth of Australia", "the Crown in Right of New Zealand", etc. All up, there are 16 nations with Queen Elizabeth II as monarch, and each of those nations is a distinct corporation "the Crown in Right of X". But, also there exist distinct "the Crown in Right of X" corporations for each Australian state (6) and each Canadian province (10), and also each of the three British crown dependencies (Isle of Mann, Jersey and Guernsey). So there are 35 legal persons (corporations sole) "the Crown in Right of X", and one natural person who is presently the sole common member of all of them. Each of those 35 corporations has distinct assets, which in turn are distinct from the personal assets of the natural person called Elizabeth. If any of those 35 entities became a republic, the assets of the "Crown in Right of X" corporation would pass to its republican successor.
The Crown and Queen Elizabeth II are different persons. Queen Elizabeth II is a natural person. The Crown is a legal person, a corporation sole – a corporation with only one member, who right now is Queen Elizabeth II. Actually the Crown is not a single corporation, but a number of legally distinct corporations which all have identical membership. There is "the Crown in Right of the United Kingdom", "the Crown in Right of Canada", "the Crown in Right of the Commonwealth of Australia", "the Crown in Right of New Zealand", etc. All up, there are 16 nations with Queen Elizabeth II as monarch, and each of those nations is a distinct corporation "the Crown in Right of X". But, also there exist distinct "the Crown in Right of X" corporations for each Australian state (6) and each Canadian province (10), and also each of the three British crown dependencies (Isle of Mann, Jersey and Guernsey). So there are 35 legal persons (corporations sole) "the Crown in Right of X", and one natural person who is presently the sole common member of all of them. Each of those 35 corporations has distinct assets, which in turn are distinct from the personal assets of the natural person called Elizabeth. If any of those 35 entities became a republic, the assets of the "Crown in Right of X" corporation would pass to its republican successor.