Legal Advice: What to do when you win the lottery?

So, you’ve just hit the lottery jackpot and your life’s about to change (in a big way) forever! The press is calling you non–stop for interviews and your photo, holding that massive cheque, is in every newspaper. At this stage, you’re most probably getting bombarded with calls from family and friends (and their friends too!)

Eventually, when you do get a breather (and the opportunity to let it all sink in), what’s next? Maybe you already know what to do or maybe not. If not, it’s not your fault, you can’t prepare for a post-lotto winning life (you win first then prepare, not the other way around).

Let’s have a look at what one lottery attorney (yup, they exist) has to say about your next move.

A word from the expert

Knowing what your rights are, are important. But when you win the lottery, your rights, especially to privacy, becomes a very grey area. It is in instances like this when knowing your legal rights are important. Here’s some tips from a legal expert to help guide you:

So what do the legal  experts say you should do when you win the lottery? In a nutshell, if you hit it big, consider closing your Facebook account, hire someone that knows how to spend money wisely i.e. a financial planner, and get ready for your life to take a 360-degree turn!

Social media shut down

Consider shutting down your social media accounts. If you decide that you want to be named but are not comfortable with having your picture taken, nothing stops a publication from looking you up on social media, grabbing your picture and publishing it. All your personal information on social media is fair game. 

Keep your day job

Don’t quit your job just yet (or not at all) especially if your win is a modest one. Rather, take some days off work. Remember, there have been many cases of lottery winners that have lost it all and went back to their old jobs. You don’t want to be that guy!

Slow it down!

Don’t make any hasty decisions. The money is yours, and it ain’t going anywhere! This advice is especially crucial when hiring professional assistance. Speak to several sources and get to know the people whom you are entrusting your money to. They need you more than you need them and if they get frustrated with your questions, cut them lose. There are many scamsters out there and taking some time to do due diligence might save you from a lifetime of worry.

Connect with the pros

There are financial advisors and lawyers who specialise in offering assistance to overnight millionaires, so find out who they are. Jason Kurland is one such lawyer. He advises that before you do anything else, sign the back of your winning ticket, lest someone else finds it and hands it in as their own. With your signature on it, you own it!

Kurland also advises to take all these steps before you contact the lottery operator to claim your jackpot.  

Check out what the biggest international lottery jackpots are sitting at this weekend:

SuperEna Max (draw date 11-11-2017):  €232,500,000

US Powerball (draw date 11-11-2017): $90,000,000

SuperEna Lotto (11-11-2017):  €57,600,000

Best of luck!

The FatCatLottos Team

This post was written by
Richard Bailey - who has written 51 articles
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