Many people dream about winning a big Powerball jackpot, but are you ready if your winning numbers actually come up? If your first instinct or reaction is to rush out and cash your ticket immediately, think again. When you claim your jackpot, lots of things are going to start changing very quickly, and you want to be prepared. Here are eight sensible and precious things to do before you claim a Powerball prize.
Protect and Be Careful with Your Winning Lottery Ticket
If you’ve just won a Powerball jackpot, the most important thing you have to do is put your signature in the back.
Why? Just because no one keeps track of who owns Powerball tickets. Everything you have to do to claim a Powerball prize is to show identification that matches the signature on the back. Suppose your jackpot-winning ticket, for example, gets stolen or lost, anyone could claim your cash if you have forgotten to sign your ticket. Now, one thing to remember before signing: there are some states that allow winners to let a trustee or foundation sign their ticket just to help safeguard their anonymity.
In 2018, in New Hampshire, a jackpot winner sued for the right to remove her name and add a trustee instead. In the end, she won her case, but you’d save yourself effort and time if you research, in case you want to do this before you win your jackpot. It would be a good idea to take pictures of both the front and the back of the lottery ticket just to give you legal standing if the ticket is lost. When that’s been taken care of, find a secure place where you can keep your ticket while you get everything else straightened out. Since you won’t cash it in immediately, you will want to be quiet knowing precisely where it is and, mostly, that no one can get to it. A lockbox, a home safe, or a safety deposit box at a bank are all good options.
Monitor How Much Time You Have to Claim Your Powerball Prize
Your life will change as soon as you cash in your ticket, so your need is to be sure that you have everything in order before that happens. To be able to scheme your time, it’s fundamental to know how long you have to arrange things before you claim your prize.
Each jurisdiction that sells Powerball tickets has its own rules regarding how much time you have to claim your prize. The prize value also affects how much time you have; jackpot winners sometimes have longer than winners of other prizes.Look on your ticket to find out how much time you have to plan before you claim your Powerball prize. There should be written a date there. If you don’t find it, contact your local lottery and ask for information about their prize claim policy. Then use that time in a good way; wait until almost the end of your term before you cash in your winning ticket.
Find Out If You Can Stay Anonymous
Many winners desire to stay anonymous after winning the lottery. There are many advantages: people will not annoy you or the organizations searching for money. Or also, journalists will not want an interview. Basically, you’ll have sure more control over how your life is changing. Unfortunately, sometimes anonymity isn’t doable. Most of the jurisdictions want to announce their jackpot winners with the purpose of showing that the prizes are being awarded legitimately. So before telling anyone about your lottery win, find out what your options for anonymity are.
In some jurisdictions, you have to reveal your name, photo when you win a Powerball jackpot, place of residence, and the lottery commission must hand over that information to any third party that requests it.In other areas, you can also claim the prize under a trust, which can hide your true name. Sometimes, winners are allowed to use only their first initial of the name instead of their full first name, which can grant at least some protection.
Make Yourself Difficult to Contact
Many of the lottery winners became victims, actually. They said that being always barraged by people asking for anything from interviews to appearances on reality TV turned a dream win into a true nightmare. Before you have to live in that kind of pressure, make sure that the paparazzi won’t get in touch with you easily.
Change your telephone number, and only give it to people close to you and for this to be trusted. Set up a box for your mailing address and delete your social media accounts. Even if taking these steps could seem too much, you will be thankful for the capacity to control who gets to talk with you when you are in high demand.
Create a Team of Professionals to Help You Manage Your Winnings
Before you claim your Powerball prize, it’s better to have a team in place who can protect you from every kind of problem, for example, legal problems and help you manage your money as well. At the very least, in your team, you will need a lawyer and a financial advisor and an accountant. You’re going to need help creating trusts, to protect yourself from lawsuits, and more.It’s a good idea to search for professionals who have experience managing windfalls.
Besides professionals to deal with your money, you might want to consider hiring a therapist to help you. In fact, you might be surprised by the emotions that surround winning a big lottery prize.
Think About All Your Options When Claiming Your Powerball Jackpot
Once you win a Powerball jackpot, you’ll need to decide if you will opt to receive a lump-sum or, alternatively, annuity payout. There isn’t a right answer; the correct decision depends on your personality and financial situation.Ask suggestions from your financial advisors to help you plan and decide the right course of action.
Write and Set Your Goals and Dreams
Dreaming about what you would like to do with a huge Powerball payout is the beautiful part of playing the lottery, and of course, you don’t have to wait for a win to dream it. You’ll have the possibility to make those dreams come true if you actually win that jackpot. But even a seeming infinity amount of money can disappear and finish before you don’t notice if you don’t think of a plan for it.
Think About What You Don’t Want to Change
A lot of things in your life certainly are going to change when you have won a big jackpot, but probably there are some things that you desire to stay the same. Focusing on those things ahead of time can help you protect them when things start getting crazy.