A recent study showed that 84% of women say they lack confidence in their ability to handle a financial windfall.

Alarms should be ringing in the financial industry as estimates predict nearly $124 trillion in wealth to be transferred between now and 2048 from the baby boomers to younger generations. Generation X is expected to inherit almost $1.4 trillion annually over the next ten years.

Many people might be surprised to hear about this supposed fear over inheriting money. Money may not buy happiness; but isn’t it supposed to make life easier? When this statistic was first shared with me, I believed it, as I immediately thought of a client I met early in my career.

Several years ago, I was referred to a lady who lost her husband to an aggressive form of cancer.

It was one of those heartbreaking instances we all dread—a routine checkup in which the doctor says, “It might not be anything, but we just want to run a couple of tests to be safe”, which quickly turned to cancer, which then spread faster than anyone expected. In this situation, the husband with cancer was the breadwinner and financial decision maker of their household.

He did a fairly good job planning their finances on his own, but his wife, my eventual client, was completely unaware of what was done and how to move forward.

She became a client of mine who I've worked with ever since, but the early part of our advisor-client relationship was a lot of discovery and damage control. She then referred me to her widows’ support group and a big piece of my practice unexpectedly became helping such single women.

Fortunately, most of the inheritance described above will transfer from older generation to younger generation, following the natural order of life.

It may not be as rife with emotional upheaval as the unexpected loss of a spouse, but the responsibility of managing a financial windfall remains the same. The beneficiary is thrust into the role of financial decision maker, whether they are ready or not.

The study which revealed women’s concern over an inheritance pointed to factors such as: a feeling of confusion when it comes to managing wealth, no experience opening an investment account, shying away from discussing money and choosing a “listen-only” mode, among others. Here are some tips I use with clients to alleviate each of these worries.

• Get Involved and Stay Involved- No matter who is the breadwinner or financial decision maker, I always ask that both spouses be present for all my planning meetings.
  
  There are emotional decisions and financial decisions, and the goals/concerns of both spouses need to be heard. When only one party is present, at best there is confusion based on what’s lost in translation, at worst there are mistakes and disagreements.
  
  Women should have a general understanding of their overall plans and know who the advisors, accountants, and attorneys are in case they need to play the role of executor. These periodic meetings can also enhance everyone’s financial literacy for the day there may be a windfall, whether from a spouse or parent.
   
• Parents Involve Your Kids- This may be an even touchier situation. Many of my clients have hesitated to involve their adult children for a host of reasons: fear of spoiling them, concerns over a daughter or son-in-law, appearing to play favorites among their kids, or just generally privacy.
  
  The result can be beneficiaries are blindsided by their inheritance. They may have expected nothing and received a hidden fortune, or they may have expected a fortune and received nothing, or worse a mound of debts.
  
  I would posit that it is the adult children’s responsibility to be financially literate either way, but the patriarch or matriarch can make the eventual transfer smoother by briefing their beneficiaries, especially as to who may be an executor or trustee.
   
• Start Retirement Planning Early- With Generation X being the largest recipients of this huge wealth transfer, many of them are near or in retirement. An inheritance should be a supplement to an existing retirement strategy, easily plugged in to a foundation that is already set.
  
  I recommend everyone preparing for retirement, man or woman, recognize what I call the three phases of retirement: Go-Go years, Slow-Go years, and No-Go years. As people are living longer than ever, retirement may not just be a short exit from the workforce, but another entire stage of life with multiple phases.
  
  During the Go-Go years, every day is “Saturday,” and they may want money ready to travel and enjoy life. The Slow-Go years occur after the exciting boxes have been checked and health may begin to limit their activities. Finally, the No-Go years represent that last phase of life.
   
• Think Long-Term- Regarding this final stage of retirement, the No-Go years, there are only two ways people pass away—suddenly and unexpectedly, or 100% dependent on someone else for care.
  
  This stage of dependency may be for one day in a hospital, or for five years in a nursing home. As women live longer than men, on average, they should pay special mind to Long-Term Care needs and the reality that they may be on their own someday.
  
  They should discuss this with their adult children too. Lastly, such women should stay mentally and physically active with friends. It is much easier to feel confident and make smart financial decisions when there's a team around you, than feeling paralyzed by making decisions all alone in a field that feels foreign to you.

These are some simple steps to take to be ready for any financial windfall.

Finally, for women who may have read this article’s title and still feel they are destined for the anxiety of financial change, they may take solace in the fact that in the same study, 73% of men revealed they also lack confidence in their ability to manage a financial inheritance. Always remember, you can’t predict the future, but you can begin preparing for it.

This article is intended for the general public to potentially assist in planning for the future. This should not be considered investment advice. Readers should consult their own financial professionals, legal, and tax advisors to discuss their specific situation.

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Bryan M. Kuderna is a Certified Financial Planner™ and the founder of Kuderna Financial Team, a New Jersey-based financial services firm.  He is the host of The Kuderna Podcast and author of ,"WHAT SHOULD I DO WITH MY MONEY?: Economic Insights to Build Wealth Amid Chaos".