What are the 10 things you should do if you win the lottery?
Source: TopLists – YouTube
Thing number 10 you should do after winning the lottery is: Don’t tell anyone that you won the lottery. [00:16]
The single most important rule for maintaining sanity after winning the lottery is, do everything you can to keep your precious anonymity intact. Don’t share the news with your friends, neighbors, co-workers, or even your family. Resist even the urge to tell your spouse or significant other at least for the time being. The lottery commission may also offer to have you appear on TV for a press conference. Refuse it. Otherwise, you will never be anonymous. You can always tell your friends after all the excitement has died down. If you choose to ignore this advice, your reward will be a flood of phone calls and letters, begging for cash, and the strange family members turning against you.
Thing number 9: You should wait before you claim your prize, after winning the lottery. [00:58]
Remember that the state lottery commission will publicize the identity of every claimant. Often lottery winners are permitted to claim their prizes months after the drawing. So you must not rush in to collect your winnings when you’re not fully prepared. Instead, you should place your ticket into a clean bag, and temporarily stash it someplace away from excessive heat and prying eyes.
Thing number 8 to do after winning lottey is: Act casual [01:22]
Without tipping anyone off, you should make photocopies of your ticket, so that you have evidence that you did in fact win the lottery. Also, it’s important not to suddenly act strange. Otherwise, your friends and co-workers may pick up on your sudden change in behavior, and find out your life changing secret.
Thing number 7 you should do after winning the lottery: Rent a safe deposit box [01:40]
Contact your bank and see if they have any vacant safe deposit boxes. Tell them you’re going on a trip and you need to store some documents for a few months. When you go down to the bank in person to open your box, bring the ticket along with some other papers. Of course, don’t lose your safety deposit key.
Number 6: You should immediately retain an attorney, after winning the lottery. [02:00]
If you fail to keep your anonymity, you will likely be flooded with frivolous lawsuits. So it’s important to get a partner from a larger national firm. Do not use your local attorney. This includes your long standing family attorney, who did your mother’s will. Do not use the guy who fought your dry cleaner bill. Do not use the lawyer you have trusted your entire life because of his long and faithful service to your family. In fact, do not use any law firm that has any connection to your family or friends. You want someone who has never heard of you. To accomplish this, you should drive to the nearest major city, and walk into one of those national firms. Ask them for one of their trusts and estates partners. Unlike smalltime lawyers, lawyers from larger firms deal with wealthy clients on a daily basis.
What is the fifth thing you should do after winning the lottery? Open so called: The blind trust [02:46]
If you win the lottery, you should hire a tax attorney. Once you’re a client, the lawyer is legally bound to maintain your confidentiality. Tell them you want to open a blind trust in order to claim the lottery prize as an anonymous trustee. This way, all contact with a lottery commission will be made through your lawyer, and you’re more likely to protect yourself and your anonymity.
What is thing number 4 you sould do after winning the lottery? Immediately contact a financial planner [03:07]
Rich people don’t stay that way without a little planning. If you have the choice between annual payments and a single large payout, you should consider the lump sum lottery payout. It’s less money total. But it’s probably about the same as an annuity if you take the lump sum and invest it in interest bearing savings bonds. However, the single large payout may incur a higher tax rate. The point is to ask your tax experts, so you beat the odds and don’t end up bankrupt like most lottery winners.
Number 3: When you win the lottery you should pay off all your debts and financial obligation. [03:36]
At this point, it is critical to pay all outstanding traffic fines and parking tickets, catch up on your alimony or child support payments, and to settle any debts. If you don’t take care of all these potential issues, you could end up in jail or in court once national attention is focused on you. This is especially true if you have any unpaid debts. If it is discovered that you are a multimillionaire, it is highly probable that anyone you owe money to, will try to take as much money as possible from you.
Number 2: After you winn the lottery, you should draft new testament or update your previous testament [04:06]
If there ever a time for a state finding, it’s now. Do this before you let your own family know about your winnings, so that they won’t try to influence how your will is structured. If this happens, family members may try to contest your will in tort. This way, everything regarding your estate will be set in stone and family members will bother you less if what happens to your money in the event of your death has already been legally determined.
What is thing number one, which you should do after you win lage amount of money in the lottery? You should move away and change your location. [04:31]
It is best to move out of state if you win the lottery, or possibly even out of the country. You can’t expect to keep a lid on your secret forever. If you tell one person, they will tell another. Before you know it, your entire hometown knows about your newfound fortune. Also, you should be sure to get an unlisted phone number. If you live in a small town, you will never be able to blend in again. Everyone will know you are a lottery winner and work hard to get a slice of your fortune. Lottery winners in small Midwest towns have often been the victims of scams. The unscrupulous neighbors purposely injure themselves in a lottery winner’s property, just so they can sue. So despite whatever feelings you may have for your hometown, it is smarter to move away and find a new home.