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Using lottery trusts to protect your interests

On Behalf of | Nov 2, 2018 | Trusts

While most people think of good luck as finding a good parking spot at the store or avoiding an accident on the freeway, some people find their lives turned upside down by good luck when they win the lottery or come into some other sort of windfall of good fortune. Of course, with every stroke of luck, there is always the possibility that the blessing can become troublesome and cause more problems than it alleviates. For those who find themselves suddenly on the receiving end of lottery winnings, it is wise to consider a lottery trust.

One of the most important aspects of protecting yourself and your rights after winning the lottery is protecting your anonymity. One does not have to look into the corners of the internet very long to find many stories of people who won the lottery and then saw their lives change for the worse very quickly. In large part, this is because everyone around them knew that they were lottery winners. If you want to have a good shot at enjoying your good fortune and not ruining all of your personal and professional relationships, protecting your anonymity is important. By placing your winning inside a lottery trust, only the title of the trust is made public.

Lottery trusts also help keep things fair when multiple people win the same pot after going in on tickets together. If, for instance, you and 9 other coworkers buy a handful of tickets and end up winning, it can get very complicated very quickly. By naming the trust as the recipient of the prize money, each party can ensure that they receive an equal payout, rather than trusting one person to legally receive the winnings.

Whatever your reasons for considering a lottery trust, make sure that you fully examine the legal options that you have available. With some careful planning and direct action, you can help ensure that your good luck does not turn sour, keeping your rights and priorities secure.


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