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Lottery Winners: Life afterwards

Author: Rode Arteaga
12 November 2019, 17:25
Votes: 1

As soon as the person finds out that they have won the lottery – their life changes dramatically. Certainly, we are talking about huge jackpots, not a £100 prize. But what actually happens after the life-changing moment? Let us figure this out in the article below.

Lottery Winners: Life afterwards

For the last thirteen years Andy Carter (Winner’s Advisor at Camelot Lottery) has been helping the “instant millionaires” to cope with an unexpected dream that came true. He shared his experience regarding what happens when a person realizes they have become a lottery winner.

According to the expert, when you find yourself in a next-to-unreal situation – you’ve purchased a winning lottery ticket – the first thing that should be done is ringing the phone number on the back side of the ticket. This way you will get in touch with a member of the winner’s advisors team. They provide the winner with all the necessary details and steps regarding how to claim the prize. One of the important stages is winner’s verification. Carter claims that it takes him an hour to identify if the person has really won the money. Consulting might last the whole day. After the verification process, the Lottery pays the money into the winner’s bank account and only two days later it can finally be withdrawn.

Read more: The Biggest Lottery Winnings of Recent Years

Where to put money

According to the National Lottery expert, winners have only one option – open a deposit in a single bank account by the Lottery. The times of storing the money under your bed have sunk into oblivion. The lucky winner is able to choose the bank to hold the winning with, however, the brand new account with that bank is set up. Usually, this is done with the help of a private branch of the bank whose specialization is dealing with huge sums of money.

Where to put money

As long as the winner wants this bank account to remain open, it will be. Besides, it is possible to move the money to other accounts as soon as it has cleared after a couple of days.

Anonymity

Carter claims that all the lottery winners remain anonymous by default: any publicity is a winner’s voluntary choice. If the lucky lottery winner decides to keep their wealth a secret, then special advisors or other members of the team are the only ones to be aware of the win.

Many people wonder whether their spouse is entitled to their lottery prize. According to the expert, if the winner chooses not to tell this information even to their partner, the National Lottery team will be mute as a fish.

Any taxes?

The Camelot advisor explains that the winning itself is not taxable. However, if the lottery win produces an income through interest, then it will have to be taxed as a part of one’s regular income tax.

Read more: Tax with Zero Gambling Tax on Winnings (Part 1)

What lottery winners used to buy

Besides an obligatory visit from National Lottery winner’s advisors to everyone who has managed to win over 50 thousand pounds, every lucky owner of £1m will receive consulting services from legal and financial advisors. Therefore, all the big money winners will be provided with financial and legal advice on how to manage their funds in the way they want and absolutely free of charge.

What lottery winners used to buy

The main piece of advice the expert can give to the lottery winner is to keep calm and take it slow. People might change their plans over time. Therefore winner’s advisors urge people not to hurry because time will change one’s attitude to wealth. However, as soon as the winner finds their money on the bank account, it’s up to them to choose what to do with it.

Some ten-twenty years ago, people preferred spending their winnings on cars, houses, traveling, etc. According to Carter, the stories of winners who blew the money very quickly are a pretty rare case.

As mentioned earlier, the United Kingdom Gambling Commission issued a warning to organizations that hold festive lotteries.

Read more: Tax with Zero Gambling Tax on Winnings (Part 2)

Read more: Responsible Gambling: Tips for Players

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