If You Won The Lottery...Blind Trust?
Posted: Sat Jun 02, 2007 6:55 pm
Ok, I've heard that if someone wins the lottery the first thing they should do is not claim the ticket in their name, and apparently the best way to do this is by forming a blind trust with an attorney. Now the only information on the web about blind trusts are its definition as...
Maybe it's because I'm not a lawyer but this doesn't make much sense. According to this say a man wins the lottery, meets with an attorney, forms a blind trust and has the attorney claim the winnings for the trust, then Does the attorney have "full discretion over the assets" while the man has no knowledge of the money or where it goes, invested spent etc?
Or is the Attorney the quote "beneficiary" while the man controls the dough? If so then legally the Attorney would get all the man's money if he died!
I like the idea of claiming winnings anonamously but everything else about a "blind trust" seems vague and shady. Can anyone offer some insight? What's the inside scoop on these "agreements"?
A trust in which the executors have full discretion over the assets, and the trust beneficiaries have no knowledge of the holdings of the trust.
Maybe it's because I'm not a lawyer but this doesn't make much sense. According to this say a man wins the lottery, meets with an attorney, forms a blind trust and has the attorney claim the winnings for the trust, then Does the attorney have "full discretion over the assets" while the man has no knowledge of the money or where it goes, invested spent etc?
Or is the Attorney the quote "beneficiary" while the man controls the dough? If so then legally the Attorney would get all the man's money if he died!
I like the idea of claiming winnings anonamously but everything else about a "blind trust" seems vague and shady. Can anyone offer some insight? What's the inside scoop on these "agreements"?
