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Last night’s final saw Jack Fincham a stationary sales man from Essex and his girlfriend Dani Dyer the daughter of TV ‘Hardman’ Danny Dyer leave Love Island with £50,000 in their bank and a romance which has had the public supporting since they coupled up on the first opportunity. They have moved on to become boyfriend and girlfriend and even have Jack offer Dani to come live with him once they have left the island (without asking his mum at the time).
Love Island for those who have not watched it is effectively Big Brother but about dating. The contestants varied from Alex a doctor from A&E to Hayley a model who thought that Brexit meant we wouldn’t have any trees left. The show is not without controversy with Ofcom receiving over 2500 complaints about how the show edited footage to cause drama in the villa.
The purpose of the show, aside from providing entertainment for the public, is to help the contestants find love. There are some very important things to know about relationships when considering wills and trusts and the effects that happen with relationships.
Not all the contestants found love and sadly, not all people in life will find ‘the one’. Two thing that can be guaranteed in life are death and taxes!
Jack and Dani were strong favourites to win after coupling up on the first opportunity and not looking back since. What is next for the couple? Ladbrookes are offering odds of 2/1 for them to get engaged this year. Last year’s contestants Jess and Dom after being swept up in romance got married live on Good Morning Britain not even a year after hooking up on the island.
With marriage comes complications and benefits from an inheritance point of view. If you were to have a will before then it would become invalid following a marriage. An advantage of marriage is the benefit of a dual inheritance tax allowance of £650,000 (provided they gift their estates to each other). With last years winner’s Kem and Amber, worth approximately £750,000 and £600,000 respectively, this could help keep the taxman away from their estate. With them both breaking up and not being married upon Kem’s death his estate will only benefit from a single tax allowance of £325,000. This would leave £425,000 which will be taxed at 40% which means his beneficiaries could miss out on £170,000.
If they were married and Amber was to die, then Kem would have received her estate of £600,000 tax free as they were married. The same rules also apply to civil partnerships.
With Jack and Dani having 1,600,000 and 2,100,000 Instagram followers each they are the couple of marketers dreams and will have a huge cash influx through promoting clothes, health and lifestyle products and maybe even pens in Jack’s case. This, alongside all of the paid work on TV and in local venues, will have the couple worth more then they could have possibly imagined. There are many trusts that the couple could look into putting their assets in for a wide range of circumstances, including tax planning and unscrupulous beneficiaries. It doesn’t matter on the size of your estate, or what you have. Everything you own has some value and making sure that upon death it goes to the right person is something that you should think about. With the tragic death of Sophie Gradon from Season 2 it shows that even the young are in need of a will or trust.
After death a Will or a trust can ensure that your assets go to who you want them to, with the vast majority of the couples from Love Island breaking up it shows that relationships change, and your will or trust should change to suit your relationships at the time of your death.
If you want any more information on how you can protect your assets and ensure it goes to who you want it to give the SWW Trust Corporation a call on 01522 581 570 for a free confidential chat.