what to do after winning the lottery

What to do after winning the lottery?

At first, most jackpot winners are shocked and do not know what to do after winning the lottery. Check out some handy tips below on how to get the winning and use it smartly.

What to do after winning the lottery: first steps

1. If you are lucky to become one of the jackpot winners, be it Russian Gosloto or USA MegaMillions, then, first of all, try to keep it secret at least until receiving the winning. No matter how big the jackpot is, it will more likely change your life drastically. It will take you a while to get accustomed to the new realia. Maybe you will have to protect your private space from a number of negative factors related to winning the big money.

2. Check out the prize claiming instruction thoroughly before addressing the lottery company. The info is available on the winning lottery ticket reverse or at the official lottery site. In this way, you will exclude any “technical” issues. Moreover, most lottery operators recommend authenticating the ownership writing your name and putting a signature on the winning lottery ticket back. Make several copies of the winning lottery ticket and keep the original safe to exclude any possibility for the third parties to claim your money.

3. More likely that will be your first time facing the issue so that it is advisable to apply for the professional legal and financial support to avoid the legal traps and to choose the best money keeping or investment options.

What to do after winning the lottery: legal and financial implications

1. Most jackpot winners' names are made public by the mass media. Think twice before taking the center stage. Certainly, that would be great to see your face on the cover pages of the newspapers and magazines. Still such a popularity can entail a number of unexpected problems. You will be in the spotlight and all you will do will be a public domain. If you want to avoid it then you should keep anonymity as well as discuss the issue with your lawyer.

2. In case the lottery winning lottery ticket was bought as a part of the syndicate then you should be swift to make the legally enforceable agreement with the other team members unless you did it earlier. Usually the lottery syndicates are the handshake deals, still, it is advisable to take the advice above to avoid any misunderstandings and conflicts, to define individual rights and duties. This will help to claim the winning on behalf of the whole group which will ease the financial pressure on the individual syndicate members.

3. Many jackpot winners want to share their success with the public. Explore all the options with your lawyer. Donating part of the winning for the good causes will pay off by decreasing the tax rates. Do not forget to draft the non-disclosure agreement with the recipient of funds to keep anonymity for at least 5 years.

What to do after winning the lottery: recommendations for the future jackpot winners

Before the winning is credited to your bank account you will have to draft an exact wish-list of things and dreams you would like to get and make come true. This will help to avoid tossing the money around. Furthermore, you can always take the list later and check whether you move in the right direction or not. Make the debts pay-off the top-priority point in your list. Try to start a new life all square.

The thorough finance planning will help to avoid impulse purchases and consequently save money for the things of higher values. Concerning the daily spendings, it is better to set the optimal weekly or monthly budget and keep committed to it. Very often the jackpot winners go on the racket and lose the most precious things in one's life: their families or even identity eventually going broke. Do not repeat such mistakes and good luck!