What To Do Right After Hitting The Jackpot

Imagine the very thing you’ve hoped for actually happens. Your ticket has all the correct numbers, and you realize you've won the big jackpot. Excitement and disbelief flood over you as you grasp the magnitude of your win.

 Here’s what you should do next if you win the lottery

1 - Don’t tell anyone

This situation could get complicated. You might be tempted to call, text, or post about your success on social media. Nonetheless, experts advise you to keep quiet for now. You can celebrate privately at home, but it's best to remain discreet for now. Financial and investment advisors strongly recommend developing a plan before sharing the news with friends and family (we'll discuss this shortly).

2 - Make Copies of your Winning Ticket and Secure it

Make several copies of both sides of your winning lottery ticket to show your lawyers and accountants. You should also store your ticket in a safe deposit box or personal safe. Don’t sign the ticket until your legal and financial team has reviewed the fine print of the rules and contest contracts. Signing the ticket too early might prevent you from establishing a blind trust in the future (if your state allows you to stay anonymous). 

3 - Protect Your Privacy

In Washington State, lottery winners must have their names and towns published. Depending on the state where you win, you might also be required to do interviews or attend a press conference. If this happens, act immediately:

1. Change your phone number.
2. Set up a new PO Box to avoid being overwhelmed with requests. 

If you’re fortunate enough to live in a state where you can keep your identity private, you may create a blind trust through your attorney to anonymously receive the money. THESE STATES INCLUDE:

• Kansas: Lottery winners can request to stay anonymous.
• Maryland: Lottery winners can remain anonymous. Winners must provide specific consent to release their name or photo.
• Mississippi: The winner must provide the lottery with the organization's written permission to release their identity.
• Missouri: The state must have prior consent to publish a winner’s name.
• Montana: The winner must be permitted to have their name released.
• New Jersey: Winners of prizes over $1 million can choose to stay anonymous.
• North Dakota: Winners can remain anonymous.
• Ohio: Winners can remain anonymous.
• South Carolina: Winners can remain anonymous.
• Texas: Winners of a $1 million prize or more can stay anonymous.
• Virginia: Winners of a $10 million prize or more can remain anonymous.
• West Virginia: Winners of a $1 million or greater prize can remain anonymous.
• Wyoming: Winners can request to remain anonymous.
• Georgia: Winners of a prize that’s more than $250,000 can remain anonymous.

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4 - Rely on Your Trusted Team

You’ll need a trusted lawyer and an accountant. You’ll also need to find a financial advisor experienced in large financial winnings and inheritance claims. Confirm all three advisors BEFORE you claim your prize.

5 - Create a Plan

Think about the big picture.

What do you want to do with this money? Write down your goals of what you want to do - personal goals, charity donations & general family goals. Keep this list and refer to it in the coming weeks, months, and years.

6 - Decide on Claiming the Lump Sum or the Annual payout

Your annual paycheck is your safest choice if you are unsure about your financial judgment or self-control. A lump sum payout of around 60% could help you make immediate investments that might yield larger returns in the future.

7 – Banking Advice

In May 2023, a wave of high-profile bank failures occurred: Silicon Valley Bank, Signature Bank, and First Republic Bank. Remember that the US Federal government can only insure individual bank accounts up to $250,000. It would be wise to discuss with your bank management about depositing large sums of money. You should consider spreading your funds across multiple banks.

8 -  Set Up a Monthly Budget 

This sounds like common sense, but sadly, a staggering 70% of lottery winners go broke within five years. 

They (lottery winners) haven’t really practiced managing money -Robin Henager, an associate professor of economics and finance at Whitworth University.

 

9 - Plan How You’ll Give Back to Society

Setting up a plan to give back to charities will help you in several ways. You’ll save on taxes, and your contributions can significantly affect the health and welfare of others in your community.

Here are the luckiest places to purchase your lottery ticket in Washington State