The First 5 Steps to Take After Winning the Mega-Millions $1.58 BILLION lottery.

1. Before anything else, be sure to double-check and even triple-check your results.

Do not mark up your ticket, but carefully check every number on your ticket versus the winning numbers and be sure to check the date of the drawing on your ticket and the date of the winning numbers upon which you are relying. One of your double-checks will be to look at the official lottery website for the numbers and don’t just rely on the first source that clued you into your big win.

2. Second, sign the back of your winning ticket in the space provided.

In case your ticket is lost or stolen, signing it will serve as proof that you are the legitimate owner. It is also recommended that you take pictures of yourself holding the ticket, front and back, and make sure that in some of the photos, it is possible to make out the details of the actual ticket and winning numbers at the same time your face can be identified. Then put the ticket in a very safe place. Remember not to get too wild with a creative location that “no one would ever, ever find”. In the emotion of a lottery win like that you can forget where your super-secret hiding space is. So, stash it away in a safe space that you will remember later. One quick note about signing the back: if you have won as the representative of a group or even with just one other person, (read step 4 below) before putting your signature on that ticket.

3. Decide who you will tell early on and TELL NO ONE ELSE.

You will likely tell a spouse, but even adult children might not need to know. Not quite yet. You will need time to process the information and for some of the emotions to settle down before you can think more clearly, so as hard as it is, no victory dances in the street in front of your house, please! You will surely need a person or two to share the good news with and then to brainstorm and strategize, but keep that initial list very, very small.

4. Start building your team of professionals.

Understand the rules regarding deadlines and regarding your choices. Even though the Mega-Millions is a multi-state lottery, the state where the ticket was bought will have rules that you must follow. The big ones relate to deadlines, such as when you must notify the lottery that you won, and when you have to notify them if you want the lump sum or the annuity payments. In some states those deadlines are not the same, so make sure you become familiar with all the rules. You might need to understand what rules apply and what options are available for shared tickets if you are part of a group that bought the ticket, and how groups would file their claims for winnings. Remember that information is power, so get ready to be on top of your game before deciding on your plan to claim your winnings. 

5. With an incredibly complex world you have just stepped into, you can greatly benefit from legal, tax and financial advice.

And not just any advice. Look for people qualified to provide guidance not just on the technical aspects of this windfall wealth, but someone versed in helping people to navigate the personal side of a major life event and all of its ramifications. As a Certified Financial Transitionist, we are specialized planners with such training and perspective to help. Likewise, you may already work with an attorney and an accountant but try to evaluate as impartially as you can if they have the experience to handle the major change you are entering. 

Winning the Lottery can be fantastic and Life-Changing.

It is fair if you feel that it is rather daunting and intimidating at the same time.

Follow the steps above and keep learning and preparing one step at a time and you can help ensure that this windfall becomes a positive turning point for you and those dear to you now and for many years to come.