Now, you can put the odds in your favour if say you share the cost with some friends, work colleagues or even family members. That’s ok - but how many times have you read, or seen on the TV news, stories of people who have won the lottery as part of a syndicate only to deny it and try to keep all the winnings to themselves. They may have genuinely bought the ticket/tickets themselves or maybe not! Wouldn’t it have been so much easier if they entered into an official syndicate agreement and saved all the bother? You can download a syndicate agreement from the UK National lottery website at: www.national-lottery.co.uk
Therefore, if you've ever debated whether to set up a lottery syndicate, here are some valuable hints for you:
Accumulate your syndicate players together and choose your weekly spend. 1 or several of the players might want to spend more than the other, in which instance they would purchase twice or triple entries then obtain twice or triple portion of whatever profits there are.
Choose someone to manage the syndicate: this would plainly have to be a person that’s dependable, well-organized and trusty! They will have to be responsible for gathering the tickets and purchasing them. Don't forget that the tickets will have to be bought in the manager's name and you're totally reliant on them to pay out your profits - therefore decide with wisdom!
Also, you'll need to draw up a lottery syndicate contract then have it signed, witnessed and stamp dated by the players. Syndicate contracts are downloadable from the net as mentioned above but sadly they will not assist you if your syndicate manager was last seen jumping on an aircraft destined for the Bahamas with all your winnings. That said they are a valuable precaution because they set down the conditions of your agreement on paper.
Having the agreement signed and witnessed by all players is very useful in as much as it allows members to specify what will happen with their portion of the winnings if they die. If set up correctly any portion of the deceased can be evenly divided between the remaining players or whether it is to be passed on to their estate!
A very significant detail here is, whenever the agreement can be demonstrated to have been signed ahead of the winning draw, if so, the prize will be free of death duty as the law presently stands.
The agreement must likewise include the syndicate policy because what will happen, if a player doesn't pay up on time. Will they relinquish whatever winnings they think they are entitled to, or will there be a period of grace?
How much notification must each player give to leave the syndicate? What does the group policy on publicity in the event of a big win? This could represent some major bone of contention if they are not in agreement in advance with a few players requiring their 15 minutes of fame and their photographs in the news papers and others preferring to continue entirely anonymous, a few not even wanting their nearest and dearest to know they've scooped jackpot!
These are all elements which require discussion with all parties and must be agreed in advance to avert whatever problems may arise afterwards.
You then have to agree the numbers you are going to play, rather the same ones every week to have an easier life for the syndicate handler! It is also a great idea to print out a copy for the players to allow them to mark off the numbers.
Instead of paying up each week, whenever the members are agreed it is more beneficial to pay up every four, to eight weeks then place the submissions beforehand. Naturally, great attention should be adopted in this event because any minor error would be carried over for an entire period of time, not simply one individual draw.
Agree to regular get-togethers with the lottery syndicate players to give them a chance to nominate any alterations they would care to see with the numbers, payment processes etc.
There is no escaping from the reality that operating a syndicate can constitute rather a lot of work and it’s also a very big obligation for the manager.
Tom Gee owns a website which gives info on
lottery syndicates,Visit: -
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