You have got your winning ticket. What next?
A winning lottery ticket should be dealt with carefully. Thelottery ticketis the assurance that an individual has actually won the jackpot prize. The ticket makes it to be possible for the player of the jackpot to be awarded. Many people may find it difficult to follow the procedure of obtaining the prize because they do not know the steps to be followed to claim their prize
Some of the steps to be followed to claiming the prize:
- Try to be silent. Do not tell anyone you have won until you actually have the cash. Keep it coo; furthermore, it would be highly awkward if it changes out you did not have a winning ticket or couldn’t declare the award.
- Properly read all guidelines for declaring your award. This will be on the winning ticket and on the company’s website. Sign your name on the winning ticket unless the guidelines prohibit it. Create a copy of the front and rear of your winning ticket and take the original copy in a safety deposit box in a, reliable financial institution.
- Contact an attorney instantly. You want to think about your lawful options regarding keeping records and splitting the profits. The attorney will assist with the legal procedures to be followed. Also, in case there was the issue of splitting award in any way he/she will direct the winner on the way forward
Legal issue should be considered by the winners of the lottery.
Here, are some of the issues:
Secure your identity. When a lotto game has been won, the winners are likely to be published in the newspapers, interviewed on TV’s and radios. The lucky winner may be able to guard your confidentiality in the manner you decide on to obtain the award or use authority to help cover up your identification.
Type collaboration if the passes were bought mutually. Consider the conditions of passes bought mutually or by a group of individuals. Was there a spoken contract to discuss the winnings? Can it be required under state law? In such a case forming a partnership is the best option of claiming the prize. All the partners should check out on the issuing of the award rather than individual personnel
Look at conditions involving the spouses. Lotto cash may be regarded a wedding property obtained during the wedding, especially if the winning ticket was bought with marital funds. This means the jackpot is up for division between the couple upon divorce. So it is illegal to keep the award all for yourself, yet the winner is a couple.
Most lottery winners always consider sending some of the winners in charities. These gifts do not incur any taxes thus no taxes are incurred by the winner.
The lottery winner after attaining the prize he /she is advised to do the following.
One is advised to contact an official financial advisor with a good reputation before spending the money. The winner will be advised on how to manage the funds.
One should not consider quitting the job. This makes one to be always busy and reduce unnecessary spending.
One should also consider investing. The benefits of doing so will be clear when the returns are felt by the player.
One should also consider in treating the family well because they were always present at every step of the journey.
Check out the Smart ways to pick the winning lottery numbers as well.
July 4, 2012 | by John Greener |