I like being optimistic. So when I play the lottery I really expect to win. The same is true for you. I expect you to win as well when you are attempting to win life-changing amounts of money. I understand that, for most people, winning the lottery is just a dream. However, Somebody won the largest lottery jackpot in history a week before I wrote this article. I bet that person thought it was just a dream until the winning numbers were posted.
What I am saying is that it’s going to happen for someone. The bigger question is when it does happen, what preparations do you need to make before, during, and after the process of claiming your jackpot? Many past lottery winners believe that one of the options you should seek is whether or not you can remain anonymous, especially if you win a massive jackpot.
Here I am going to discuss an option that I recommend you look into when your big windfall comes. It’s a way to remain anonymous. You can exploit legal means to claim and access your winnings without telling the world your name and the city where you reside. It’s called setting up a Trust.
In short and simple terms, a trust is a legal document representing an entity to which assets may be added said entity. The assets become the property of the trust. You’d essentially be donating your winning lottery ticket to the trust. The trust is under the control of the trustees and any beneficiaries that are named as individuals who have access to those funds.
If you are the winner of a large jackpot and want to remain anonymous, you can set up a trust and then appoint Trustees. The name of the Trust to which the winning jackpot will be transferred, as well as the name of the Trustees, are what will be made public. The beneficiaries of the trust (among those would be you as the winner and whoever else you deem eligible) remain anonymous. A third-party Trustee would claim the money on behalf of the trust, but you as the winner would remain anonymous.
Keep in mind that this is a very oversimplified version of how the process will work. But you may be able to keep your identity from being made public even if you live in a state that requires you to identify yourself. The consensus, when it comes to setting up a trust, is that you speak with a legal team even before you sign the winning ticket. Depending on your home state, you may lose the right to create a trust simply by signing the back of the lottery ticket once you’ve won.
Aside from anonymity, a trust can also be set up to continue to receive funds in the event of your death, as well as distribute those funds to the people you’ve chosen as heirs. There are legal differences between kinds of trusts, for example, blind trusts, revocable trusts, and irrevocable trusts are all types of trusts from which you can choose. A trust can be drawn up to grant your trustee to pick up the winnings on behalf of the trust, but control of those funds only falls to you and whomever you may nominate. And furthermore, if you set up a trust for your winnings, those funds are not accessible to divorced other parties or anyone else who is not named as a beneficiary.
A side note is that when people work together in an office environment, or another type of employment and win as a large group, a Trust ensures all parties get their equal share.
The details around setting up a trust are much more involved than what this simple post outlines. You should consult with a legal expert to get counseling on what steps you want to take. Also, you want to know if you even need to set up a trust (at least as far as anonymity is concerned), because maybe your state doesn’t require you to identify yourself. I am not a lawyer, so I can’t give you legal advice. All I can say is that you should keep your ticket in a safe place, and talk to a legal and financial advisor the moment you’ve discovered you’ve won.
Good Luck!