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A big lottery win calls for an estate plan review

When it comes to estate planning, there are many things that can happen in your life that call for an immediate review of your situation.

Recently, a 53-year-old Massachusetts woman won a $758.7 million Powerball jackpot.

While it's always nice to hear that people come into this type of money, it's important that they realize one thing: Their life is going to change in many ways in the near future.

Many people in her shoes setup a trust as a means of receiving the winnings in an anonymous manner. While this was an option, the woman decided to quickly come forward, thus making her name public.

In regards to estate planning, lottery winners should review what they already have in place to ensure that it still makes sense. In the case of a multimillion-dollar jackpot, there's a good chance that the winner will need to make some adjustments to his or her current estate plan. This way, if something bad does happen in the future, the winnings will end up with the right person.

There is nothing better than sitting back and thinking about winning a big lottery prize. You can dream about the ways that this will change your life for the better.

However, if you ever find yourself in this position, you need to realize that you will face quite a few challenges as well. If you want to put your mind at ease, it's important to focus on the many aspects of creating the right type of estate plan. This type of money can change everything.

Source: CNBC, "Powerball winner already broke one rule. What else not to do," Sarah O'Brien, Aug. 24, 2017

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