What to Do if You've Won Powerball
Despite the seemingly impossible odds, you’ve won Powerball. Yes, you selected the right regular numbers and Powerball number. What does this mean? You have won everything in the jackpot. So what now? You surely have several questions on your mind, so we’ve put together a step-by-step list on what to do after winning Powerball before claiming your prize.
Step #1: Make sure that you won
First things first: You need to make sure that you really did win Powerball. Visit the corresponding organiser website to see the winning numbers and confirm if your ticket really does match them.
If you live in:
If you like, you can call your state’s Powerball organiser to make sure that you won. Nothing beats getting a confirmation. You can contact the organisers at the following numbers:
- NSW Lotteries: 61 2 9752 5500
- Tattersalls: 1300 752 937
- Golden Casket: 1300 752 937
- South Australia Lotteries Commission: 61 8 8208 4100
- Lotterywest: 08 9340 5200
Step #2: Don’t talk to anyone about winning Powerball
Yes, you want to scream at the top of your lungs that you just won Powerball. You also want to tell your neighbours, your co-workers, your crush and your boss. Well, don’t. Whatever you do, don’t go about telling people that you’ve just won because word will spread quickly and you will suddenly have many “friends” and “relatives” in need of cash.
If you must tell someone, limit it to one person—perhaps your spouse—or someone in your household who would completely understand that telling anyone else would spread the information easily and turn your lives upside-down with the unnecessary attention and chaos.
Step #3: Look after the winning ticket
Do whatever it takes to protect the winning ticket—photocopy it, scan it on the computer, put it in a safety deposit box or hide it in a safe—just make sure that it’s in a secure place until you cash your winning cheque.
Step #4: Consult a lawyer and financial adviser
If you want to avoid the media hoopla that comes with winning the Powerball, You need to get an attorney who is experienced in estate planning, lottery law and tax law. The lawyer can prepare a trust so that your trustee can claim the lottery winnings for you. Yes, that means you thankfully won’t have to make a TV appearance and receive your winnings in the form of a giant cheque.
As for a financial adviser, it helps if you can hire someone experienced in managing a large amount of wealth. There are plenty of things to deal with now that you have lots of money, and you won’t be able to handle them all yourself. For starters, you need help in preventing your wealth from being used up immediately, not altering your lifestyle drastically. and managing all your tax. Sure, your prize may be tax free, but naturally, you’re going to put the money in the bank and not just under your mattress, so you will have to contend with taxes inevitably.