We know you’ve been saving up for your Faberge egg omelet and solid gold sombrero, but you can forget all that now. After all, you’re going to win the Powerball lottery. The idea of “savings” will be hilarious and foreign to you.
If you’ve decided to increase your chances at winning Wednesday’s record $425 million dollar jackpot by entering a lotto pool, we’re here to help. Below, you’ll find a simple lottery pool agreement template you can use to make sure that everybody gets their fair share of the winnings. All you have to do is copy the text in our template, replace anything [inside the brackets] with the information needed, get everyone’s John Hancock on the line associated with their name, then, voila: you’ll have a legally binding lottery pool agreement.
That way, when you’re all arguing over who’s paying the celebratory dinner bill at the nearest Michelin rated restaurant, it won’t be about who bought more tickets and who won what. It’ll be about who gets to pay for the Petrus Pomerol. Good luck, everyone.
Lottery Pool Agreement
The undersigned agree that:
1. We have associated together to purchase and own [Name of Lottery] tickets
2. We each have an undivided interest in the tickets purchased and own the ticket(s) as tenants in common;
3. The ticket(s) which are the subject of this agreement consist of [number] entries into the [Name of Lottery] contest drawing to take place on [date of drawing].
4. The following individuals are participating in this agreement, all of whom have contributed a total of [number] dollars ([$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]
This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.