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What to Do If You Win A Major Prize

Jackpot Excitement

America has seen some really big lottery prizes won in the past few years. It’s exciting to see the jackpot keep rising to some real record breakers, some over a half a billion. $759 million is the record-breaking amount won by Powerball winner Mavis Wanczyk in 2017, who won with a quick pick ticket. But that’s the fantasy isn’t it? Having all of your financial worries solved by a single quick pick lottery ticket. But what would you really do if you won?

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Secure Your Ticket

The first thing you should do in the case of a winning lottery ticket is double and triple check the winning numbers to the numbers and date on your ticket and SIGN it. Secondly, protect the ticket! Make both paper and digital copies and store the original in a secure spot until you can claim it. You might not want to rush down to the lottery office right away either, give the press and the public excitement a chance to die down a bit and as much as you’d like to, don’t be in a rush to spread the good news. When dealing with a large cash payout like the lottery everyone wants a piece, so be wary of distant relatives and fair-weather friends.

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Remain Anonymous

Try to refrain from posting anything on social media. As much as you’d love to brag, it’s not a good idea. Scammers are another reason that anonymity should be a high priority. Many states allow lottery winners to remain anonymous, but some don’t. You may want to consider getting another phone line for family and friends because if there is a way to find your personal information to get to you, a scammer will find it. Also, if you aren’t planning on moving you might want to think about getting a post office box

Plan Your Team

Next, you’ll need to surround yourself with people who know how to handle your newfound wealth. You’re definitely going to need an attorney, a financial planner, an accountant and you’re going to need to hire them before claiming your cash. They can help you form a trust which is a good way to go. There are several advantages to a trust, including anonymity, asset control and professional management. There are a few steps necessary, however, before your lottery trust is legally underway. You’ll have to appoint a trustee responsible for managing the assets and making payments as instructed. You’ll also need to name a beneficiary or beneficiaries. Your lottery trust will distribute money to your beneficiaries as you direct.

Take Your Time

Sure, everyone dreams about winning and the things they’d buy, but don’t be in such a hurry. Take some time and plan your purchases. Just because you have money now, don’t take it as a personal challenge to spend it. If you’ve won a large lottery prize, you could have enough to last generations. That is if you don’t see cars as disposable and make other extraneous purchases. (No one needs a tiger!). Good Luck!

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