Did you know that you can sell your lottery winnings?
If you won big on the lottery, first of all, congratulations! Most people can only dream of being so lucky. In most cases, you have the option to receive your payment either at once or in installments over time that are often paid through an annuity. Alternatively, did you know you can sell your lottery winnings?
Rules in the state where you won the lottery, not the state in which you live in, determine whether or not you can sell your lottery. Sometimes it’s very clear whether or not you can sell or in other circumstances may require the help of an attorney to determine if your annual lottery payments can be placed on the market.
But the basic answer is “yes”, and the sale may have to be structure in a way that works best for you. For example, you can sell all the remaining payments, a partial number of payments or a partial percentage of future payments. It can also be arrange to have you sell your payments stretch further into the future.
Although the process is usually between 60 and 90 days to complete the take, apart from in the state of Massachusetts and this can take between 90 and 120 days. When you’re ready to sell all or part of your payments from lottery winnings, you can take the following steps.
In line with your financial need, describe a plan to use the money as they are relevant to the courts that will review the sale of your payouts. It’s important to research the buyer before making your final decision.
Buyer you choose will help you understand all the options available to you, such as how much you’d like to sell, and how you’d like to structure the sale and how much your future payment are worth today.
The next step is one of the most important parts of this process – and it involves giving the filling party all documentations you have from your lottery payouts. If there are additional documents that they need or that you do not have readily available, they can help you obtain them.
After, which the court will approve all transfers of the lottery payments from you to a funding company. You will be informed as the case progresses. Your representative will also let you know if you need to be at the hearing and what to expect.
Once the court approves the sale of lottery payments, your representative will receive a signed order from the judge and will complete the final underwriting review. A check will be send to you or the purchase price will be electronically transferred to you.
The purchase price can be paid no more than 60 days from the date of completion of your contract of sale. Procedure may take longer in some states as a result of different rules and regulations. In conclusion, I believe that with this explanation, it is now obvious that you can sell your lottery winnings.