"It is sad, but a modicum of research shows that not signing a ticket or failing to report to the state are the simplest and most common errors to make. Can you imagine losing a lottery ticket? Then imagine what can happen if someone else snags your ticket and shows up to collect the prize. Fighting over true ownership of a lottery ticket is not a simple task, and many disputes have arisen over who owns what ticket."
"Some people actually choose the lottery annuity payment rather than taking a lower lump-sum payment. Some lottery winners give most of their winnings away or buy too many new things for themselves, friends, and family. Could you imagine winning $50 million or $100 million and then being broke? Many lists have been directed at newly rich lottery winners, but surprisingly, there are few warnings for lottery winners."
The Powerball jackpot reached $1.3 billion, prompting a list of 12 actions to avoid after winning. Common pitfalls include failing to sign or promptly report a ticket, publicly announcing the win, choosing poor payout options, overspending on gifts and purchases, and becoming a target for solicitations or legal disputes. Lottery tickets can act like bearer instruments and often expire within months, creating ownership conflicts if mishandled. Winners can quickly spend vast sums and may underestimate the need for financial planning. Professional advice, privacy protection, and cautious, deliberate decision-making help preserve wealth and prevent exploitation.
Read at 24/7 Wall St.
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