With the lottery jackpot hitting new highs, chances are a few people in your office or your neighborhood are banding together with dreams of becoming instant millionaires. The odds may be a little long, but it’s always good to make sure you have an agreement in place in case your ship comes in.
The text below is a simple template to formalize the relationship with everyone in your pool. Just replace anything [in brackets] with the information that describes your situation. Then make sure everyone signs.
If you win, feel free to share a little of the bubbly with your friends at Rocket Lawyer (pictured left pre-celebrating their lottery winnings). And don’t forget to come back to do your Will.
Lottery Pool Agreement
The undersigned agree that:
1. We have associated together to purchase and own [Name of Lottery] tickets
2. We each have an undivided interest in the tickets purchased and own the ticket(s) as tenants in common;
3. The ticket(s) which are the subject of this agreement consist of [number] entries into the [Name of Lottery] contest drawing to take place on [date of drawing].
4. The following individuals are participating in this agreement, all of whom have contributed a total of [number] dollars ([$X.XX]) for the purpose of purchasing [number] (X) entries into the contest drawing:[List all names]
5. No party (co-owner) to this agreement is under 18 years of age or otherwise prohibited by law from purchasing Lottery tickets or claiming a prize;
6. The total amount expended to purchase Lottery tickets pursuant to this agreement is [$X.XX]
7. We agree to designate [name of lottery pool manager], who is a party to this agreement, as the designated representative of all those who are parties (co-owners) to this agreement, and he/she is authorized to act on our behalf.
8. We recognize that the payment of Lottery prizes is pursuant to [home state of lottery pool members] State Law and Lottery regulations. Should the Lottery tickets which are the subject of this agreement result in a prize(s) for which Lottery regulations permit direct payment, then a claim for direct payment shall be made. Where such regulations permit payment of the prize to only one natural person, then the designated representative shall claim and hold the prize for the benefit of all co-owners.
[Add another line for each member of the pool]