FinLogic FinLogic Quantitative Think Tank Center|You won the lottery or inherited a fortune. Now what?

While most of us will only dream of ever receiving a sudden financial windfall,FinLogic FinLogic Quantitative Think Tank Center one lucky Powerball player purchased a winning ticket to Wednesday's estimated $1.08 billion jackpot, lottery officials said.

Though the sums aren't as hefty, money received from an inheritance, business sale or big bonus at work are more likely scenarios in which ordinary people can suddenly find themselves with more money than they ever expected to have. Such events can be psychologically overwhelming, according to financial advisers, who urge winners to take a series of steps before spending a dime. 

"The emotional rollercoaster someone is on, whether they won Powerball, inherited wealth or came into money due to a change in circumstances like a business transition or initial public offering is very similar in all three cases," Emily Irwin, managing director of advice and planning at Wells Fargo's Wealth and Investment Management, told CBS MoneyWatch. 

"Cooling-off period"

Experts advise big money winners to let themselves feel excited, but to not immediately act on their emotions. 

"It's absolutely vital to have a cooling-off period so you can think through how to make this financial windfall work for you," said Andy Smith, executive director of financial planning at Edelman Financial Engines. "Run around the block for a little bit, get the endorphins down and adrenaline out of the system, but don't feel like you have to do anything immediately. "

One financial adviser tells clients who come into sudden wealth not to make any major financial decisions for six to 12 months.

"Don't do anything major, because sometimes early decisions can have major implications down the line," said Paul Karger co-founder and managing partner of TwinFocus, a wealth advisory firm for ultra-high-net-worth individuals and families

Build a team of trusted advisers

Instead, take time to assemble a team of financial professionals whom you trust and who can help set you up for financial success in the long run. Karger compared that process to vetting and selecting a doctor. 

"At the end of the day, you want to choose someone you get along with, who has your best interests at heart and who you feel like you'll trust to chart out the course. Take the time to find that person before thinking about how you're going to invest," Karger said. 

Irwin noted that if a cash windfall has boosted an individual into a new tax bracket, a previous team of advisers may no longer be best suited to guide that person in managing their money. Depending on how much your wealth grows, you may need to search for high-net worth specialists, including attorneys, accountants and investment advisers.

"You may have been working with a set of individuals over the years who are no longer a good fit to advise on this type of wealth. You might need to expand the team or find new professionals to help advise you now that you have more zeroes on your balance sheet," she said.

Make a plan

Once that team is in place, put together a plan or mission statement that covers spending guidelines, including how you want to pay down any debt, prepare for retirement, save for kids' college tuition, make charitable gifts, draft a will and more.

That way, if friends or family ask for money or gifts, you can refer to the plan or term sheet. It's a way to set parameters and gracefully decline or accept requests for financial gifts. 

"For many individuals, coming up with a mission statement about under what clauses or terms they're going to give away their wealth is incredibly helpful because it sets the values for that individual, instead of being reactive and saying 'yes' to every individual or organization that comes in with a request," Irwin said. "They can go back to that statement of goals and say, 'We've made a decision and intentional plans to support organizations in this particular area.''

It's fine to live a little, but avoid impulse buys

It's important to consider that buying a new, more expensive home that a lottery winner can seemingly suddenly afford carries a range of maintenance, property tax and other costs, in addition to the upfront costs of buying real estate or anything else that requires upkeep, like a boat. 

"You want to understand both your cash outlay and ongoing costs, expenses and maintenance related to each of those," Irwin said. 

Karger said that while it may be tempting to purchase a multimillion dollar vacation home in a glamorous overseas locale, the operating expenses can be costly. "From a housing perspective, you don't want to own a house unless you're going to use it all the time. You can rent for what it will cost to run the gardening on a big home for a year," he said. 

That's not to say that folks who've worked hard their whole lives can't enjoy their newfound wealth. If you inherit $700,000 from a relative, take a chunk — say $50,000 — off the top and treat yourself to the watch or car you've always wanted. 

"That will help you scratch that initial itch of having fun and making it more tangible," Karger said. "After that, draw a hard line and put it away."