Of course we've all heard that we are more likely to be struck by lightning than to win the lottery. But did you know:
- It is three times more likely for a person driving ten miles to buy a Lotto ticket to be killed in a car accident than to win the jackpot?
- A popular place to hide lottery tickets is in the dictionary under L for luck or W for winner?
The California Lottery Winner's Handbook says, "For the lottery to make payments to a trust, the prize winner must be the grantor of the Revocable Trust and the trust must be linked to the winner's social security number."
Whether you are a big winner, or you've received a substantial gift or inheritance, or you have worked hard all your life and pinched pennies -- if you want to take care to pass that wealth to your loved ones, be sure to develop an Estate Plan such as a Will and/or a Living Trust.
Estate Planning isn't only for the uber-wealthy, it can also be vital for those who may face disagreements about the disposition of their assets upon death. These disputes seem to be increasingly prevalent, so a well-drafted Estate Plan can be key to avoiding costly and protracted litigation among family members or other beneficiaries after you are gone. A failure to address the anticipated areas of discontent will inevitably result in the lawyers becoming the unintended beneficiaries of your estate. Don't let the attorneys become the real lottery winners!
Even if you didn't purchase one of the approximately 247 winning California Lottery tickets this year, setting up an Estate Plan may be a winning proposition for you and your loved ones.