5 things you need to consider when playing the $1.4 billion Powerball

A person buying Powerball lottery tickets from a newsstand Wednesday, Jan. 6, 2016, in Philadelphia. Players will have a chance Saturday at the biggest lottery prize in history. (Matt Rourke/AP)

On Monday, the the estimated jackpot for the Powerball lottery was at $1.4 billion, the largest in history. If you end up becoming the lucky winner of Wednesday's drawing, here are things you need to consider to enjoy your $1.4 billion.

Sign the back of your tickets

Every ticket you purchase should have your own signature and address. This will verify that you and only you can claim your tickets in case they get misplaced. You'll also need two forms of identification to collect your winnings.

Be cautious about joining lottery pools

While lottery pools are fun to participate in with friends and coworkers, they can also be rife grounds for lawsuits and broken relationships. Make sure that your pool makes photocopies of all group tickets and distributes them to each member of the drawing. If you purchase any tickets outside of the pool, make sure your pool players know before the drawing in case you win.

If you win, be careful who you tell, if anyone

While you may be tempted to tell friends and family that you're now a millionaire, Alexa von Tobel, CEO of financial planning site LearnVest.com, suggests winners be discreet to avoid any personal conflicts or larger problems.

"We've seen everything from robberies to even murders of people who have won lotteries," von Tobel told ABC News. "A lot of your social dynamics around you change if people are aware of your status."

Claiming your winnings anonymously is only possible in six states: Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina. Another way to preserve your identity when claiming your winnings is by starting an LLC or non-profit to accept the money on your behalf.

Choose a smart and trustworthy management team

Spend a lot of time researching and assembling a smart, reliable and trustworthy financial team before you claim your winnings. Von Tobel suggests that winners find a certified financial planner, estate planner and accountant before cashing in and waiting six months or even a year before spending their winnings. The new cars and houses can wait, making sure that you have a strong plan before spending cannot.

Have fun

Your chances of winning the Powerball jackpot are 292,201,338 to 1, so you're probably not going to win. Don't spend large amounts of money on lottery tickets, just purchase one or a few and have fun fantasizing about what you might do if you won $1.4 billion. If you do know someone who may be playing the lottery irresponsibly, call 1-800-522-4700 or visit the National Council on Problem Gambling website to learn how you or a loved one can receive help.
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