How to Claim and Protect Lottery Winnings

David Walls is an attorney in Oklahoma who has developed a level of expertise in helping lottery winners claim and protect their lottery winnings. 


When jackpots for the Powerball or MegaMillions lotteries grow large, news reporters often reach out to Mr. Walls to share his advice. 


In early 2021, both lotteries had jackpots that grew to over six hundred million dollars each.  Brent Skarky with KFOR TV news in Oklahoma City spoke with David Walls about what someone should do if they win the jackpot.

In early 2021, both Powerball and MegaMillions lotteries had jackpots that grew to over seven hundred million dollars each. 


Brent Skarky with KFOR TV news in Oklahoma City spoke with David Walls about what someone should do if they win the jackpot.

David Walls on channel 4

When asked about his experience helping lottery winners, Walls said "I did not go to law school thinking I would make a career out of representing lottery winners but life happens. I have been retained by multiple lottery winners, including several Powerball Lottery winners to provide legal advice on how to claim and then protect their winnings."


Walls added "Like anyone who comes into substantial and unexpected wealth, it is important for such winners to have a well thought out plan for making the most of this good fortune. This includes estate planning and wealth transfer, which I often provide to my clients."


If you have won a large lottery jackpot, the first step you should take is to contact David Walls.   Many people will tell you to sign your ticket right away, but that could be a mistake and limit your options for privacy.  Call David Walls before you do anything else.  405-849-6791


Common Mistakes Lottery Winners Make

It has been said that you have a higher chance of being struck by lightning than winning a large lottery jackpot.  So it stands to reason that most winners of large lottery prizes haven't had any experience in either claiming a prize or managing the sudden wealth.   


Becoming a multi-millionaire overnight can be exciting but also overwhelming and problematic.  As a result, many lottery winners have made some mistakes that could have been avoided.  Here are three of the most common mistakes lottery winners make and how to avoid them.

 1. Shouting their good fortune to the world.

We live in an era of instant communication. From cellphones to laptops to the internet to social media, we have the ability to tell the planet all the details of our lives.


But there are some things that can and should remain personal and confidential.


Lottery winners are understandably excited and want to shout their good news from the cyber rooftop, but those who do almost always come to regret it.


There are multiple reasons for keeping quiet. Some of these include personal security and protection of confidential financial data.


Fortunately, many states allow lottery winners to claim their prize and remain anonymous. It’s important to know the rules where you play. But those rules are meaningless when the good news is voluntarily shared by the winner


A man is holding a tablet with money falling around him

 1. Shouting their good fortune to the world.

A man is holding a tablet with money falling around him

We live in an era of instant communication. From cellphones to laptops to the internet to social media, we have the ability to tell the planet all the details of our lives.


But there are some things that can and should remain personal and confidential.


Lottery winners are understandably excited and want to shout their good news from the cyber rooftop, but those who do almost always come to regret it.


There are multiple reasons for keeping quiet. Some of these include personal security and protection of confidential financial data.


Fortunately, many states allow lottery winners to claim their prize and remain anonymous. It’s important to know the rules where you play. But those rules are meaningless when the good news is voluntarily shared by the winner


A man in a purple sweater with empty pocket.

2.  Not Saying No

Winners of big cash prizes and others who come into sudden wealth instantly become everyone’s best friend. Or favorite aunt.


And many of these newfound friends and relatives have financial hardship, investment ideas or charitable organizations that can only be solved or achieved by a gift or loan of a large amount of new cash.


Most lottery winners are ordinary people who carry great empathy for the trials and tribulations of others, and find themselves wearing the title of “banker” which they never meant to wear. 


It can be difficult to say 'no' to friends and family, which is why it is important to work with an advisor who can help you set up a plan, which includes guidelines for saying both 'yes' and 'no' or even having a money manager help you do that.


2.  Not Saying No

A man in a purple sweater with empty pocket.

Winners of big cash prizes and others who come into sudden wealth instantly become everyone’s best friend. Or favorite aunt.


And many of these newfound friends and relatives have financial hardship, investment ideas or charitable organizations that can only be solved or achieved by a gift or loan of a large amount of new cash.


Most lottery winners are ordinary people who carry great empathy for the trials and tribulations of others, and find themselves wearing the title of “banker” which they never meant to wear. 


It can be difficult to say 'no' to friends and family, which is why it is important to work with an advisor who can help you set up a plan, which includes guidelines for saying both 'yes' and 'no' or even having a money manager help you do that.


3.  Misunderstanding their life has changed forever.

Winners of a large amount of money are never the same. Everyone treats them differently.


Money changes everything-lots of money even more so.


There are studies available that suggest lottery winners are more susceptible to depression, addiction and anxiety.


The pressures can be overwhelming, and many winners fail to spend as much time protecting their psyche as they do protecting their new wealth.

A row of yellow balls with different smiley faces on them

3.  Misunderstanding their life has changed forever.

A row of yellow balls with different smiley faces on them

Winners of a large amount of money are never the same. Everyone treats them differently.


Money changes everything-lots of money even more so.


There are studies available that suggest lottery winners are more susceptible to depression, addiction and anxiety.


The pressures can be overwhelming, and many winners fail to spend as much time protecting their psyche as they do protecting their new wealth.

If you become a mega millionaire overnight thanks to a large lottery jackpot, be sure to avoid the mistakes others have made. 


Get the counsel you need to properly claim and protect your winnings. 


Contact David A. Walls at 405-849-6791.