I’d just take the lump sum and live off the interest.
I would take the lump sum and a ticket out of California.
The reason why people take cash instead of the installment payments is the UNITED STATE FEDERAL ESTATE TAX imposed upon the estate of the decedent, due and payable nine months after death in CASH. The IRS calls the payments “Income in respect of a decedent”, you own it and anything you own in included is the asset calculation that will be subject to the estate tax.. which can be as high as 50%.
The problem arises in that the estate does not have the cash on hand because it is coming in future down the road payments but the estate tax is payable NOW. Taking the winnings in cash will not eliminate the estate tax but the money is there to deal with the IRS in the ninth month when the estate has to make the estate tax payment.
Do a google on U.S Estate taxation.
Have a good day...