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What need to know about Lottery

March 11, 2020 By Alexa 0

Imagine this: You have your lottery tickets in hand and the results of the draw have just been announced. You take a look and check your numbers, one after the other. The main numbers match and then the extra number as well. Could it be? Is it true? Did you just win a multi-million-dollar jackpot? Yes, you won the lottery!

Your first impulse is probably to shout out this amazing news not only to your family and friends, but to everyone you can. After all, it’s not every day that you win the lottery, that you see your dreams come true. Why shouldn’t your family share the excitement? Why shouldn’t your friends realize how lucky you are, and how lucky they are to know you? But, wait! Before you begin announcing your lottery win, step back and carefully consider your next moves.

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To help you understand what to do if you win the lottery, we have compiled a list of legal and financial considerations – give them some serious thought before you make any decisions. Hopefully you will find this helpful. Stay calm. Take a deep breath. And begin planning your future as a lottery jackpot winner. And of course, congratulations on your big win!

Safeguard your winning ticket!

Before you celebrate your lottery win and decide how to spend your jackpot money, you should make sure that you actually won the prize. Check your ticket again carefully and make sure your numbers match those on the lottery’s official website. Also, confirm that your ticket has the correct drawing date. If everything matches, you are indeed a jackpot winner!

You’re probably asking what is the first thing you should do when you realize that you won the lottery? The answer is to simply sign the back of your ticket. The ticket is not officially yours until you do.

According to Zack Friedman, Senior Contributor Personal Finance at Forbes.com, “a lottery ticket is considered a bearer instrument, which means that whoever signs the ticket can claim the lottery winnings.”

Imagine losing an unsigned ticket! Whoever found it would be able to present it to lottery officials and legally claim the prize and there would be nothing you would be able to do about it. So, sign it!

That said, the way you sign your winning lottery ticket is very important. In the United States, each state has different regulations defining how to claim lottery prizes. In some jurisdictions, you can claim lottery prizes anonymously and doing so may depend on how you signed the ticket. Following the advice of an experienced legal advisor is therefore crucial.

Once your ticket is signed, make photocopies of its front and back. Then, secure the original winning ticket in a very safe place, such as a safety deposit box. You will only need this original ticket when you go to claim your prize.

Luckily, when you play the lottery online at theLotter, the official lottery tickets purchased on your behalf are stored securely at theLotter’s local office. Once you win the jackpot, representatives of theLotter will contact you and coordinate how and when you will receive your winning ticket as in most cases, you will need to collect your jackpot prize in person.

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Keep quiet about your lottery win

Lottery winners are cautioned to keep quiet and not to broadcast their exciting lottery news to the world. Except for close, immediate family members, the advice is not to share the news with co-workers and friends. Not yet, anyways.

News of lottery wins travels fast. If word of your lottery win gets out before you are ready, acquaintances and long-lost relatives will approach you to see how they can benefit from your newfound wealth. More than that, people who you don’t even know will claim they have a connection to you and insist that they, too, are entitled to some of the prize money. Charities will contact you and ask you to make donations and you may even be approached by people asking you to join them in questionable business opportunities.

For the first time in your life you are dealing with a tremendous amount of wealth and to handle this properly, you need to work with a team of experienced professionals.

The decisions you make even before you show up to collect your prize could drastically affect how much money you will receive. The first thing you should do is to retain a lawyer with experience representing lottery winners. As regulations about lottery wins differ from jurisdiction to jurisdiction, the lawyer you hire should be familiar with working within the legal framework of the state where your winning lottery ticket was purchased.

Additional members of the team you form must include financial planners, accountants, and tax advisers. It sounds like a lot but we’re talking about an account with hundreds of millions of dollars in it.

Based on your circumstances, the lottery you won, the amount of your prize, and your residence, your team will advise you whether to claim the prize yourself, whether they should claim it on your behalf, or whether they should help you create a legal entity so that you can claim the prize anonymously. Laws and tax regulations differ from state to state and your professional team will advise you how best to proceed.

All the above-mentioned advice is also valid if you’re wondering what happens if you win the lottery online. Make your plans carefully and wisely and you will be able to enjoy your lottery jackpot win for a lifetime!

Article taken out from https://www.thelotter.com