Sudden Money Checklist

Day 1-7

1. Don\'t tell people. The fewer who know, the fewer asks for loans/handouts.
2. Park money in HIGH-YIELD savings at a different bank than your daily one. (See our High-Yield Savings tool.) Earn 4-5% while you think.
3. Sit on it. Don\'t buy anything bigger than dinner.

Day 7-30

1. Hire a fee-only fiduciary for a one-time plan ($1,500-5,000). NAPFA.org. (See our Fiduciary Advisor Finder.)
2. CPA — for large windfalls, tax planning matters. Estate, gift, capital gains.
3. Estate attorney — update YOUR will, trust, beneficiaries.
4. Pay off high-interest debt (credit cards). NOT mortgage yet.
5. Build a 12-month emergency fund.

Month 2-6

1. Long-term plan — invest for retirement, charity, children/grandchildren.
2. Max out tax-advantaged accounts for the year.
3. Consider Roth conversions if you suddenly have low income.
4. Plan donations — if charitable, do it intentionally with maximum tax benefit (DAF, QCDs, etc.).
5. Discuss with spouse. ALL money decisions are joint.
6. "No" templates for family/friends asking for help. "I\'ve put everything in a trust I can\'t access."

Big mistakes

• Buying a luxury car in week 1.
• Lending family huge sums (more than 3 family members ALL coming with big asks).
• Investing in a friend\'s business.
• Quitting your job before plan is finalized.
• Buying a fancy second home.
• Listening to first advisor that calls (often the broker handling deceased\'s account).
• Mixing inheritance with marital assets if not married decades (depending on state).

If lottery

• Sign back of ticket. Photocopy. Lock in safe deposit box.
• Check state rules — some allow anonymity (DE, KS, MD, ND, OH, SC, etc.).
• Hire CPA + attorney + financial planner BEFORE claiming.
• Lump sum vs annuity — usually lump sum, but get advice.
• Set up trust to claim if your state allows.
• Federal + state taxes 25-50% off the top.