How to Create a Revocable Trust as a Lottery Winner If you hit the jackpot and win a lottery prize of several hundred thousand dollars or more, you’ll want to take steps to protect your newfound wealth and manage it effectively. A revocable trust is one option to consider. Creating a revocable trust can be done quickly and is probably among the first things you want to do, along with consulting a tax attorney and financial adviser. Creating Revocable Trust Trusts are legal arrangements created for the purpose of owning and administering assets on behalf of a beneficiary. As the trust’s creator, you become the grantor. You may name yourself as trustee so that you retain full control of assets in the trust. You can even name yourself and your spouse as the primary beneficiaries and designate successor beneficiaries to inherit the trust when you pass away. It’s legal to create a revocable, or “living” trust on your own, but the American Bar Association says that when large sums are involved, such as a multi-million-dollar lottery prize, it’s safer to retain a lawyer with experience in estate and tax law. Act First, Claim Later The American Bar Association suggests setting up a revocable trust before you claim your lottery winnings. One benefit of this strategy is that it can help you preserve your privacy. If you create the trust and put the ticket in it, you can claim the jackpot in the name of the trust. The trust can be given a name that obscures your identity. The trust name, not yours, will appear in any public record or announcement of lottery winners. Texas Planning further suggests opening an account in the name of the trust at a financial institution before claiming the prize. The account will then be ready to receive the money as soon as you collect it. Advantages of Revocable Trusts When your lawyer draws up the trust document, you name the trustee and beneficiaries. Because this is a revocable trust, you can change the terms of the trust later.