Expectations grow like foam for those who are regular players (and not so much) of the Mega Millions lottery draw, following the prize pool continues to grow to such a degree that today they can grant more than a billion dollars.
Thousands of people, both from the United States and other parts of the world, are buying tickets for the drawing that will be held this July 28in the hope that good luck will smile on them and they will be the winners of one of the biggest Mega Millions jackpots in history.
Surely when you think of playing the lottery, many ideas can come to mind regarding what would be the first thing you would do when you heard the news. The safest thing is that you already have planned what you will do with the money.
However, financial experts, such as Zack Friedman, who is a contributor to Forbes magazine, believe that there are other priorities to execute just before collecting the prize.
Next we will list a series of steps that you must do when you play the lottery, especially if you are participating for the one billion Mega Millions.
5 things to do if you win the billion Mega Millions
1) Sign the lottery ticket
As Friedman explains, for a lottery winner, his ticket becomes, practically, a bearer check, therefore, it is recommended that the owner of the ticket signs it so that later he can claim the prize, since in case of loss, anyone who finds it can do it.
2) Set whether you can remain anonymous
The finance expert indicates that it is always important to consult a trust and estate attorney to determine how you can sign the lottery ticket. For example, in a minority of states in the United States, including but not limited to Delaware, Kansas, Maryland, North Dakota, Ohio, South Carolina, Texas, and others, you can remain anonymous when claiming a lottery prize. In the remaining states, including Washington, Puerto Rico, and the Virgin Islands, winners must publicly disclose their name, city, and prize amount.
In case you win next Friday and you want to remain anonymous, you can claim your lottery prize through a legal entity, such as a trust. Check with your local jurisdiction and an attorney to determine rules related to trusts, lottery prizes, and anonymity.
3) Choose how you want your Mega Millions prize to be paid out
Zack indicates that in case of winning the Mega Millions drawing, you choose how to receive your money. You can receive an upfront lump sum cash payment or annual lottery payments (30 payments).
Which option should you choose? It’s something personal. Financially, a lump sum payment is preferable. Why? According to classical financial wisdom, “a dollar today is worth more than a dollar tomorrow”. You can invest the money you receive now and hopefully earn a higher rate of return. However, if you’re worried regarding spending your money too quickly, an annual payment is a good option.
4) Lean on a good advisor
You must hire a good legal and financial team in order to protect the assets acquired with the Mega Millions winnings. It is best to turn to your trusted attorney, who has experience in trust and estate issues. It can also help you claim your prize and structure your assets.
Regarding the financial advisor, choose one who is licensed and who can help you and advise you on the subject of managing your money as investments, and above all, that leads you to meet your financial goals in life.
Just as it happens that distant relatives communicate following finding out that you have won the lottery, several advisors will also seek you out and offer you their services. Don’t rush into your choice.
Another fundamental thing is that you always try to sign the checks that you issue so that you can follow up on the destination of your money, never delegate this task to the advisor.
5) Pay debts
If you win the Mega Millions, don’t hesitate to use your prize to pay off your debts, including student loans, mortgage, credit cards, car loans, or someone else. The ideal is to invest your profits and obtain a higher return on investment; however, paying everything you owe will simplify your life.
It may interest you:
* Mega Millions: Winning the lottery also depends on where you buy your ticket
* It is possible or not for a foreigner to buy a Mega Millions ticket; how to do it from Mexico, Latin America and other parts of the world
* Mega Millions: 4 strategies to improve your odds of winning the lottery