An inheritance can feel like a windfall — until the paperwork, emotions and decisions start piling up. This is a time to pause, get organized and use the money to support the life you want.

Between now and 2048, about $124 trillion is expected to transfer from baby boomers to younger generations through inheritance — a shift often called the "great wealth transfer." Most of that money is expected to pass to children and grandchildren, but about $40 trillion is projected to go to widowed baby-boomer women, in part because women often outlive their husbands.

Inheritances can range from double digits to billions. Whatever the amount, the first move after a major life change is usually the same: slow down. Avoid quick decisions, and revisit your overall plan, according to Donna Walton, wealth strategist at TD Wealth. With this substantial transfer of wealth on the horizon, TD laid out how to navigate receiving an inheritance.

Key Points:

• Now through 2048, about $124 trillion in cash, stocks/bonds, property and more is expected to transfer from baby boomers to younger generations through the "great wealth transfer."
• Before spending, saving, selling or doing something else with an inheritance, make a financial plan and clearly define your goals and understand options.
• Consider working with a financial advisor who can help build a mid- or long-term financial plan that includes the new inheritance.
• Update your own will and estate plan to reflect these new assets.

Start with a plan before you make any big moves

Start with the basics: Confirm what you inherited (cash, investments or property), and flag any time-sensitive decisions.

“Your plan depends on where you are in life, how much you’ve inherited and how much it changes things,” Walton explained.

A quick gut check may help you define which goal matters most right now:

• Stabilize cash flow (build an emergency fund, pay down high-interest debt).
• Lower major monthly costs (pay down or refinance a mortgage or auto loan).
• Invest for mid- and long-term goals (retirement, taxable investment account or a mix).
• Fund family priorities (education, caregiving, helping adult children).
• Set aside "joy money" with limits (travel, renovation, a second home).

Next, talk to your financial team. If you don’t have one, this is a good time to build one — people who can help turn a lump sum into a plan.

“Interview financial advisors to find someone who takes a holistic view of you, your life and your family,” Walton said.

A financial planner can help coordinate the big picture, while other specialists can help you avoid costly mistakes. Consider an accountant for tax questions and an attorney for legal details — especially if you inherited real estate, retirement accounts, a business interest or assets with multiple beneficiaries.

Reality check: Plan for tomorrow’s costs, not today’s

A potentially large sum of money sounds like a lifetime of security — but today it doesn’t stretch the way it once did. Inflation and higher everyday costs mean an inheritance, even sizable, can disappear faster than one would expect, especially if you make big purchases right away or if you inherit money as a younger adult.

Before potentially upgrading your lifestyle, take time to map out your needs and priorities, and determine what you want to accomplish.

Update your estate plan so your money goes where you intend

Once a plan is in place, the next step may be to update your own estate plan so any remaining funds or property will go where you intend. That may mean adjusting beneficiary designations, updating your will, and — when it fits — setting up a trust so someone can oversee how and when children (or other heirs) receive assets.

“Talk to your attorney to make sure that those assets are inherited in such a way that they will last within the family, and maybe even pass on to your grandchildren eventually,” Walton said.

If your spouse dies: Rebuild your financial picture step-by-step

For many widows and widowers, grief and money decisions collide at the same time — and the learning curve can be steep. If you weren't deeply involved in the household finances before, this is a chance to get clear on what you own, what you owe and how the money supports your future needs.

Don’t assume expenses will shrink because the household is smaller. Any remaining home mortgage still needs to be paid, while costs like utilities, property taxes, car and home insurance, and maintenance often stay the same.

As you build your plan, review any pension and Social Security income, confirm cash-flow needs and budget, and check your credit score so you know exactly where you stand. People who seek guidance and stay engaged with their plan tend to make better long-term decisions, Walton explained.

“Get educated, get empowered, get out there and take charge of your financial future,” she said.

Whether you inherit a few dollars or a few million, the goal is the same: Align the money with your priorities, structure the accounts thoughtfully and give yourself permission to take it one decision at a time.

This story was produced by TD and reviewed and distributed by Stacker.