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What Should You Do When You Win the Lottery

what to do when you win the lotteryMany people wonder what they should do if they win the lottery? The first thing that I recommend is to keep the news to yourself for a bit. You need to plan cashing the ticket in properly.


So here are some things that you should do immediately upon winning:


1) Sign the back of your ticket and fill in the information.

2) Put it in a safe deposit box.

3) Start interviewing lawyers and estate planners. Just go and tell them that you are expecting some money and you need to know how to protect it. Do not specify an amount until you find a lawyer and estate planner that you trust.

4) Work with the ones that you have chosen to set it up properly so that you will pay the least amount of taxes and so that you and your family is protected.

5) Decide on whether you will take the lump sum or the payments. Speak to your accountant about the different tax ramifications. 

6) See if there is any way to collect the ticket anonymously or if there is any way that you do not have to pose for pictures.

7) Go and get your ticket and cash it in at the lottery office. If you are planning on telling your family now is the time to do it. Get them someplace safe, as their will probably be reporters coming to the house.

8) Consult with money managers to see the best way to invest and protect your funds for future generations.

9) Start enjoying your windfall.

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