What to do when you Win the Lottery

Winning the lottery is great but after the shock is over there will be some hard realities to face. Many people will be bugging you for money so it is important to handle all aspects of your lottery win properly. There are many horror stories of the lives of lottery winners a few years after claiming the money. Make sure you think everything through first and follow these tips and pointers so that you can live the life that everyone wants but few people get.

Before claiming your winnings it is important to tell noone of the news other than your significant other. The first stop you should make is to an attorneys office to get some much needed legal advice. Many attorneys recommend forming a blind trust to hide the actual winners from the public and protect their winnings. This is why it is important to see an attorney before claiming the ticket as once your name is in the public you can never get your privacy or peace and quiet back.

Many times an attorney representing you will collect the winnings for your newly formed blind trust so that your name or face is never known to the public. Once you have your money you should never spend more than a few percent of it the first few months as you will not be thinking rationally. This time also allows you to seek financial advice and planning.

Ideally the lotto winnings will not change who you are but that is easier said than done. Moving to a new location as well is probably a good idea since at some point the news that you have won will leak out and you want your new home to be gated and private from public records. Incorporating a holding company to put your new house and other purchases in the name of will further protect you from public snoops or would be robbers.

Once you have moved and kept your personal life private, it would be a good idea to start investing your winnings. A few growth mutual funds that emphasize tax reduction and capital growth would be advised as well a a few mutual funds that would provide enough income to pay your monthly expenses. A municipal bond fund or income mutual fund would fit the bill for your income investments.

Now that you have all your financial needs and privacy protected you are set to live a nice carefree life.