I advise lottery winners. People don't realize you get almost no support – here's what you should do if you win.

• Emily Irwin, who works for Wells Fargo Bank, advises lottery winners on how to spend their money.
• She says people don't realize winners are given little support or guidance.

This as-told-to essay is based on a conversation with Emily Irwin, the senior director of advice for Wells Fargo Bank's southern division. The following has been edited for length and clarity.

Many people tend to overlook this, but after winning the lottery, you're essentially on your own.

I've had the opportunity to work with families who have gone through this life-changing experience, and it can swiftly become overwhelming and not as enjoyable as one might think.

So, if you find yourself in this fortunate position, here's my advice on what to do as soon as you win.

Are you a spender or a saver?

First off, the lottery won't tell you whether to take the money as a lump sum or an annuity.

This decision should hinge on two critical factors: the financial implications, primarily related to taxes, and how you personally tend to interact with money.

If you consider the financial and tax side, taking the lump sum is often advantageous.

While you may face higher up-front income taxes, you gain greater long-term control over how your money is invested, and you have immediate access to your funds.

On the other hand, annuity payments in the United States are often spread out over 30 years and tend to be invested more conservatively on your behalf.

The advantage here is that it provides peace of mind. If you're the sort of person who has a dollar in your pocket and you're going to spend $1.50, having that annuity and the guarantee over three decades can be a reassuring safety net.

You won't be as tempted to overspend, and it can protect you from those looking to take advantage of your newfound wealth.

Learning how to say 'no'

Lottery winners frequently encounter requests from friends, family, and various organizations, and without proper guidance it can be challenging to navigate these conversations.

Learning how to say "no" gracefully when approached is essential because it will happen, and there are going to be things that you're approached about that don't align with your goals and your values.

It becomes exponentially more difficult to navigate those situations if you don't do the groundwork immediately upon winning the lottery.

To do this, start by assembling a trusted team of advisors, as the lottery won't provide one for you.

Consider including a family-governance or family-dynamics coach.

They can assist you in managing communication about your finances not only tactically but also in terms of how you interact with your children, siblings, and community.

In some cases, you may have the funds but still believe that, for example, your children or nieces and nephews should take out loans for graduate school because there's some benefit in having sweat equity invested in your education.

Handling these conversations can be tricky now that people know about your newfound wealth.

Don't just flip through the yellow pages

You want other advisors on board, including an attorney, an accountant, an investment advisor, and even a philanthropic advisor. The latter can assist not only with your charitable wishes but also with tax implications.

It's not as straightforward as flipping through the yellow pages and randomly selecting somebody. You must carefully consider experts specializing in high-net-worth and ultra-high-net-worth tax planning.

These professionals often hold certifications from legal or accounting associations. It's crucial to interview a few candidates, perhaps two or three, to determine if they align with you in terms of expertise and personality, as you'll be working with them over the long term.

Think of it as preparing for a marathon

Make sure you've got the guidance to help you grow into your new wealth.

Think of it as preparing for a marathon. You don't wake up one day and decide to run 26.2 miles if you've never run a mile before.

You want to be able to say: "We've prepared for this. We've put a team in place, we have coaches, and we understand our training plan and how we'll grow into this wealth."

That's the support and guidance people like me aim to provide.