My mom inherited $5 million and went wild overnight — now my husband wants to ‘bide our time’ until her fortune’s ours

Receiving a large inheritance has the potential to change your life, but often it doesn't — at least not over the long term. In fact, recent research shows as many as 42% of heirs have spent their windfall in a year or less, with many having little to show for it in the end.

"It's not because they're bad with money or unintelligent," Kelsey Simasko, an elder law attorney at Simasko Law, told Moneywise. "It's because they're excited. All of a sudden they went from being conscious of how much money they don't have to being very conscious of how much money they do have. When people are in these situations, it is so easy to make impulse purchases."

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Unfortunately, this can leave other loved ones worried that the person who inherited has gone crazy. It can also breed resentment if other family members believe they're entitled to a share of the funds and want to maximize what they collect.

For example, let's say Winnie's mother, Maryann, just inherited $5 million and has gone on a spending spree, buying a new home and a luxury car, and taking friends on vacation. Winnie is worried her mom has gone crazy with her newfound riches, while Winnie's husband Kevin wants to quit his high-pressure job and coast until the couple eventually inherits when Maryann dies.

So, what should Winnie, her mom, and Kevin do in this situation?

Managing an inheritance wisely is important, but it's up to the heir

When it comes to inheriting money, the person leaving the assets behind is often best positioned to protect the wealth and ensure it's not wasted.

"If family members struggle with making wise financial decisions, then we are big proponents of using a corporate trustee to help manage the money," Nathan Donohue, founder of Valence Wealth, told Moneywise. Trust creators can provide instructions on how money is distributed and choose a responsible trustee to help ensure the assets are put to good use.

If Maryann inherited outside a trust, though, there are likely no restraints on her spending. And even if Winnie thinks Maryann has gone hogwild, there's nothing she can do about it without proving Maryann is actually of unsound mind and should be declared incapacitated. Maryann's wild spending isn't proof of that. In fact, it's very common.