lottery winnings

lottery winnings

Can lottery winnings be assigned to a beneficiary?

In New York State can lottery winnings that are being paid out instead of cash-out be assigned to a beneficiary in case of the winner’s death. If winner dies before all cash is paid out (about 20 years) would the rest be paid out to a beneficiary

Write a will and specify who you want to get the payments. Do the same for the rest of your assets while you’re at it. Sign and date the will in front of a witness (someone not named in the will), and have the witness sign and date it too. Tell your heirs where they can find the will in case something happens to you.

lottery winnings