If you like to play the lottery odds, here’s how to ensure you secure your winnings

SAN ANTONIO – The $1.1 billion jackpot is at stake in the big Mega Million drawing, and a cash payout would be more than $500 million.

Anyone who would just be handed millions of dollars overnight would have limited information on how to manage that, according to J Bailey, a special probate and estate planning expert with experience helping people who have won the Texas lottery.

“The biggest mistake people make early is that they try to let too many people know,” Bailey said.

He advises people to secure the ticket and keep quiet about their winnings.

Bailey said certified public accountants or attorneys that have been vetted or are highly recommended by others and have some expertise in lottery winnings are a good place to start.

“You don’t want to be around people who are going to try to take advantage of this windfall, this blessing, that’s come your way,” he said.

Trust your instinct about the CPA or attorney you hire and read every document to know that you are the beneficiary of any money transferred, Bailey says.

You should also be familiar with keywords and actions.

“There’ll be trust documents that you’ll be interested in having drafted. In all likelihood, there’s a concept of fiduciary duty. For instance, your attorney has a fiduciary duty to seek your best interest. This lottery winning is not to benefit [an attorney or accountant]. It’s to benefit and bless your family,” Bailey explained.

He said that winning the lottery is like being handed the responsibilities of a small business. Most people would need to hire an expert to help them run that.

Bailey says it’s best to do all this homework before winning the lottery if you’re lucky enough to get the jackpot.