- Sudden wealth
Before you go on a spending spree with that extra money you just received, take a look at your financial position to determine just how wealthy you are. If you need help, a professional (tax attorney, financial planner, insurance agent, or accountant) can advise you on an investment plan for the future. You're more vulnerable to lawsuits now, so think about purchasing an umbrella liability policy. Re-examine your life insurance needs, too. And since estate planning is even more important for you now, remember to update your will.