I’m a lottery CEO – why winners should always make an important call before turning up at our offices

WINNING the lottery is an achievement many can only dream of but what should you do when the unthinkable actually happens?

There are certain decisions a person has to make right after winning the lottery but it can be hard to think with a clear head after such a life-changing moment.

 Mary Harville, the CEO of Kentucky Lottery, has shared her tips on what every jackpot winner should do after hitting it big.

The first thing a winner should do is call the lottery and do their best to remain calm.

"It can be a very exciting experience," Harville told Kentucky.com. "And I’ll tell you, it’d be a very exciting experience for us."

There has never been a MegaMillions win in Kentucky, said Harville, and a Powerball jackpot hasn't been won in the state since 2010.

She added that once it's confirmed that you have won, the lottery will set up a time to meet officials at the main office.

In Kentucky, this office is located in Louisville and the prize must be claimed within 180 days of the draw date.

Maggie Garrison, Vice President of the Kentucky Lottery, said the process is the same a group of people wins the jackpot instead of one person.

"We require all those folks to provide their ID and fill out the claim form, so we go through the same steps with them," she said.

"It's just a matter of breaking up the prize within the pool."

The next thing to do after winning the lottery is to reach out to an attorney or certified public accountant as soon as possible.

"We know when they do that, they're going to be okay," said Harville.

She added that winners can bring their attorneys or CPA along to meet lottery officials.

Most lotto winners have two choices when claiming their prize: taking a lump sum or receiving annual payments.

A lump sum payment means lottery winners can accept a one-time cash payout.

Although the winner would be losing a chunk of their payout to taxes, it's likely they would lose more over time with annual payouts.

"To invest better you need to not only choose a good, low-cost, diversified portfolio," the founding partner of Barrister, Charles Weeks, said via USA Today.

"You will also need to make sure you control your emotions in good markets and bad."

When one wins the lottery and chooses an annuity, installments are paid out as one immediate payment followed by a series of annual payments.

This means that for years, even decades, money is guaranteed to come in.

However, many cons exist in this scenario. The group making the payout over the years could run out of money, for one.

Another issue: the winner could die before collecting their total earnings.

With tax rates at an undetermined amount, they could likely increase throughout the years of the annual payouts.

Only seven states allow winners to remain anonymous.

Winners in Delaware, Kansas, Maryland, North Dakota, Texas, Ohio, and South Carolina can remain anonymous and six states also allow people to form a trust to claim prize money anonymously.

On the other hand, states like California entirely forbid lottery winners to remain anonymous.

It is advised to read your state’s regulations regarding lottery winnings before playing for cash.

Just this year a woman from New Hampshire won $560million in the Powerball lottery and had her name, town, and the amount she won listed on public records due to state law.

The woman learned from a lawyer that she could have avoided revealing her name if she claimed the lottery money through a trust, however, she signed her name on the winning ticket, and altering the signature would make the ticket null and void.

The winner is now suing to remain anonymous, however, experts feel she'll end up attracting more people because of her lawsuit.