Posted: Friday, Nov 01,2019 | Time: 06:51 am | Edited by: The Lottery Lab Staff
Winning a lottery can be a stressful moment when you realize it’s a lot of money to manage. Here are some of the tips to overcome the lottery winning fears often experienced by every lottery winner.
Losing your winning ticket can be a nightmare because you can’t claim your winnings without the ticket! A lottery ticket is the only valid proof of ownership, and it means you are authorized to collect your winnings. First thing, you need to sign the back of your lottery. A signed ticket can’t be claimed by anyone other than the person who signed the ticket. Then find a spot to keep your ticket safe and in front of your eyes all the time. Don’t lose sight of your lottery ticket.
Keep your winning secret unless you want your winning ticket stolen. If no one knows that your ticket is useful, no one will bother to steal your ticket. Another thing you can do to protect your ticket is by signing it with your name and address. As Washington lottery explains, “Like currency or dollar bills, Lottery tickets are 'bearer instruments' in that the holder of the ticket is the owner, unless the ticket is signed. By signing the back of your Lottery ticket, you make the ticket officially 'yours'. Only the person whose name matches the signature on the ticket may claim its winnings.”
There are cases where a winner was given their lottery ticket as a gift, and the giver received nothing in return! Still, the giver may feel like they gifted you their luck and might ask for something in return. Don’t try to avoid this issue because in a way they really did give you their luck. If they genuinely gifted you a winning ticket, try splitting it. Even an 80/20 split will go a long way to keep your friendship. Depending on your state, there may be tax advantages or complications to this strategy so talk to a professional before claiming your prize.
Family is important, more important than money. Like the above case, if you worry that your family members will argue about claiming a portion of the prize, try splitting up the money. Or set up a trust that is designed to help family members with money when they need it.
There is an expiration date for every lottery ticket. Check the back of your lottery ticket to find the expiration date. If you miss the deadline, your winnings will be forfeited. The best way to avoid this is by making frequent visits to your lottery store after each game and have them put the tickets through their machine. It will offer added security and there won’t be any mistakes either.
In most US states, you can’t remain anonymous when you win a big prize. There are 8 states (Delaware, Georgia, Kansas, Maryland, North Dakota, Ohio, South Carolina, and Texas) that support anonymity but the rest of the states require you to share some personal information and many require a press conference after you win big! The best way you can navigate these options is by hiring a lawyer first! Hiring a lawyer and going through lottery rules of your state can be wise. And remember, only share the minimum information required by law.
The best way to avoid these letters is not receiving them in the first place! Consult your lawyer if they can conceal your winning amount. Move your house, change your contact numbers, and deactivate your social media.
Watch out for all these issues and risks and take steps to minimize their effects. After all, figuring out how to spend your jackpot is already stressful enough! We hope we were able to offer you some useful tips to overcome the fears experienced by every lottery winner.