If A Lottery Ticket Isn’t Claimed, Who Gets the Money?

Most people have probably dreamed about winning the lottery and what they’d do with the money . After all, some of those jackpots are life-changing amounts.

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But you can imagine letting millions of dollars slip through your fingers ? That’s exactly what happens across the United States.

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Millions Go Unclaimed

For instance, according to NBC Los Angeles and the California Lottery, an average of about 45 million dollars each year has gone unclaimed over the past five to 10 years. Those amounts include scratchers and the draw games.

If you’re wondering how it happens, there are two usual suspects. First, the person doesn’t realize they won. Second, they’ve lost the ticket and can’t check it.

Time Ticks Away

That’s a reminder for everyone who plays – the first thing to do when you win is claim that money as quickly as you can. According to Yotta , depending on the state you live in, you have between 90 days and a year to cash in.

Money Goes to the State

Let’s say you fail to claim your money. So, what happens to that prize?

The unclaimed money is given back to the participating states. According to Yotta, “They can then use these monies to fund infrastructure or other beneficiaries – though most states just add it to the lottery funds.”

You may be able to take some comfort in knowing that the money is helping your neighbors. States will often use the money they make from their games to improve public education, homelessness and infrastructure. Of course, part of that prize pool pays for retailer commissions and vendor fees.

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Quick Actions Can Help

If you’d rather have that money yourself, Yotta offers tips on some of the steps to take immediately when you realize you’ve won:

• First, keep quiet until you come up with a plan on how to tell your family and friends.
• Second, sign the back of your ticket so no one else can claim it on your behalf.
• Third, make copies of the tickets so you can send them to your lawyer and accountant.
• Speaking of legal help, most states require you to put your name in the public record. Your attorney can help guide you through all the media attention.
• Finally, taking your ticket in person to the lottery office to file your claim may be the safest move.

This article originally appeared on GOBankingRates.com : If A Lottery Ticket Isn’t Claimed, Who Gets the Money?