If you win the lottery, there are several things you should do to protect yourself and your newfound wealth. Here are some tips from experts:
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Keep it quiet: Before you broadcast your sudden windfall to the world, and even before you contact lottery officials, you’ll be wise to surround yourself with a team of lawyers and financial advisers. Most states will not let you claim the prize anonymously, which means you’ll need to act fast to protect yourself before you’re inundated with vultures or new-found relations.
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Secure your ticket: Make several copies of both sides to show your lawyer and/or accountant, and then lock the actual ticket away in a bank safe.
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Establish proof that its your ticket: Sign the winning lottery ticket immediately, as it is a "bearer" instrument. Legally, whoever holds the ticket is the winner.
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Hire a team of professionals: Hire a team of professionals to manage your money, including a financial adviser, an attorney, a CPA, and a therapist to help you deal with the emotional strain of handling your new wealth.
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Set a budget: Realize that it’s not a bottomless pit of money. Don’t spend wildly in the belief that it’ll last forever. A financial adviser can tell you how much income you can receive monthly from your winnings — you need to live on that amount or less.
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Pay off your debts: Pay off your existing debts, such as credit cards and student loans, to clear the way for your future.
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Prepare for publicity: To get the money, you likely will need to reveal your fortune to the world. Have a public relations strategy in play before you claim the money. If you are going to be your own spokesperson, know in advance what you want to share, and when to share it - or hire a public relations firm to help you.
Remember, winning the lottery can be a life-changing event, but its important to take the necessary steps to protect yourself and your newfound wealth.
