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ARTICLE · 25 SEPTEMBER 2024

You've Had A Windfall And Won Lotto! To Keep It You'd Best Get Expert Advice

Stacks Law Firm
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There are legal and emotional pitfalls with a sudden windfall.

AustraliaConsumer Protection
Felicity Marchant
Felicity Marchant
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Hooray, you've won the lottery! Now you can pursue your dreams. But beware, there are legal and emotional pitfalls with a sudden windfall such as a lottery win, large inheritance, compensation payment or redundancy payout which could turn that dream into a nightmare.

Unexpected windfall can lead to emotional and behavioural problems

There is even a name for the psychological condition that often accompanies an unexpected windfall – Sudden Wealth Syndrome.

Research by American scholars found that lottery winners were more likely to file for bankruptcy than the average in the population. (Please see The Ticket to Easy Street? The Financial Consequences of Winning the Lottery, Review of Economics and Statistics, May 2008.)

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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