Questions You Need to Ask Your Lottery Attorney
Tuesday October 1, 2019 12:36 pm
The Lottery Lab Staff
At The Lottery Lab, we always recommend that when you win a lottery jackpot, the first thing you need to do is get yourself a lottery attorney. Why? Well, you’ll have in your mind and some questions that you might not be able to answer unless you have a lottery attorney. Some of the questions you’ll be asking are-
Do lottery tickets expire?
Yes, they do. However, their validity depends upon the state in which the ticket was purchased. Typically, lottery tickets expire between 90 days and a year after the drawing. Every lottery association gives you a limited time period to come forward and claim your winning. If you don’t come forward in time, your winnings will be fortified. Winners are recommended to arrange their affairs and have a plan for their money before coming forward and claiming the jackpot.
Is there any benefit of putting your win into a trust?
Claiming your win under the name of a trust can preserve your anonymity and limit your public exposure. There are only a handful of states that allow anonymous prize claims but some states allow prizes to be claimed in the name of a trust or similar legal entity. Putting your winnings into a trust is beneficial because it makes it harder for people to identify you as the winner. If you wish to avoid people expecting generous handouts, proposing investment opportunities or requesting charitable contributions, limit your public exposure. Claiming you win under the name of a trust can be the best way to do it.
Is it wise to avoid announcing a win on social media?
In fact, it is wiser to just delete your Facebook account. When people learn your name, the first thing they are going to do is look for you on social media. Your lawyer can help advise you on the fine print of privacy rules that you didn’t worry about before you were a millionaire.
Bonus Read: The Expense of Claiming Your Jackpot
What if I want public attention?
Every lottery winner has different expectations and fantasies. Some people want to be a celebrity by attending the press conference or attending TV shows, lottery lawyers can help with that too by making sure they do it properly. If winners want to retain some of their privacy, a lawyer can help set rules to avoid actions that might harm their privacy.
What if I change my mind about what I want to do with my winnings?
Lottery lawyers report that this happens so frequently that it seems completely normal. Most of winners, upon talking to a financial advisor, feel different about what they wanted to with their money initially. A lottery win is a huge paradigm shift and definitely takes some serious adjustment.
Quite often we hear about lottery winners going broke. Why is this?
Lottery winners become easy prey for scammers or frauds. Moreover, the sudden wealth makes them think that they have plenty of it and can never run out of money. Therefore, they end up making bad investments and eventually going bankrupt. Having a financial advisor along with them, whenever people approach them with an investment opportunity, can be beneficial to them.