Winning the lottery has been a fantasy for millions of Americans for many years. Imagine winning tens of millions of dollars overnight. Or imagine winning over $100 million! The Mega Millions drawing on Wednesday, July 15, may pay some lucky player an estimated $123 million annuity value, or an estimated $72.7 million cash value.

24/7 Wall St. does not want to interrupt any consumer’s dream of winning the lottery. However, there are a number of things lottery winners must do immediately after discovering that they have won the big prize. Perhaps even more important is a list of what not to do.

What is truly amazing is that the $123 million annuity value from the Mega Millions drawing is not even close to the largest lottery ever. A Mega Millions prize in 2012 reached $656 million and was shared by three winning tickets, and a $648 million Mega Millions jackpot was shared by two winning tickets in late 2013. There was also a $590.5 million Powerball winner in May 2013 and a $587.5 million Powerball winner in November 2012.

The largest Mega Millions payout so far in 2015 is $265 million ($178.1 million in cash).

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As far as what not to do, the first is that you better not forget to sign your ticket. That is just the beginning. You might not want to go tell everyone you know — your life could depend on it, literally.

Other considerations about what not to do would cover a predetermination to only take the cash payment, even though most people do. Deciding to go it on your own without help from financial planners and tax professionals would be an ultimate no-no. You will also want to avoid walking away from your obligations and debts, and becoming the new Bank of Friends and Family would not be a good idea either. If you think you want an entourage or to live the ultimate life of a rock and roll star, think again!

The Powerball/Mega Millions website makes specific reference to the need to sign and keep your ticket safe. In some ways, lotto tickets are almost like those old bearer bonds you used to hear about before the 1990s. The site warns:

After winning the lottery the first step is completing the back of your ticket, including your name, address, phone number and signature. Remember, each lottery ticket is a bearer document, meaning it is legally owned by whomever possesses it, at least until it is signed.

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Anyhow, winning the lottery may be the dream for millions of Americans. It comes with great responsibility, and for some odd reason many people end up back in the poorhouse almost as fast as they left it. We highlighted one $168 million lottery winner that hit financial troubles almost right after winning.

As far as a full list of what not to do, here is a detailed review of the 12 Things Not to Do If You Win a Lottery.

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