There’s a lot of chatter about the Great Wealth Transfer — as much as $124 trillion that’s predicted to pass between generations over the next couple of decades. And much of that is likely to end up in the hands of women. If you’re fortunate enough to inherit a windfall, be prepared to be patient.

For starters, it can take time to gather the necessary documentation and navigate the legal niceties of inheritance.

And once you have the money in hand, “rule number one is don’t go out and spend it all,” says Alexandra Armstrong, a certified financial planner and author of “On Your Own: A Widow’s Guide to Emotional and Financial Well-Being.”

Among people who inherit, there’s a tendency to want to do one of two things, says Armstrong: pay off the mortgage on the house or take your dream vacation. But before you do anything, consider the tax implications.

For instance, if you have a low-interest-rate mortgage that’s tax-deductible, you may be better off keeping it and putting the bulk of your inheritance to work in other ways.

If you inherit your spouse’s retirement account, such as an IRA in the U.S., depending on the circumstances you can often roll the money into your own retirement account. But if anyone other than a spouse inherits an IRA — say, an adult child or a sibling — the money often must be withdrawn over a number of years, and payouts are taxable.

Getting guidance from an adviser or other financial professional should be high on your to-do list. A third party can also act as a buffer between you and other family members and friends who’d like a share of the windfall.

Also, you may not get immediate access to your inheritance. “You can usually count on at least six to nine months to settle even a quick estate,” says Armstrong, and even longer if you inherit something like real estate that must be sold and possibly divided among several heirs.

Take your time. Unless there’s a legal or tax urgency, give yourself time to think through all the variables.

“Don’t make any permanent decisions for at least a year or even longer,” advises Natalie Colley, partner and senior lead adviser at Francis Financial in New York City. Park the money in a money-market fund, or leave it in existing investments until you come up with a strategy, says Colley. “Give yourself permission to change your mind.”

That’s particularly true of assets with sentimental value, says Elizabeth Zelinka Parsons, author of “Encore: A High Achiever’s Guide to Thriving in Retirement,” who also notes “it might be easier to sell the family home or Dad’s art collection in year three.”

Getting a windfall can be especially challenging for women who have never played a role in handling their family’s finances. Even women who are involved in day-to-day money management often lack confidence when it comes to long-term investment planning, says Colley. Her advice: “Break it down into bite-size pieces that you can digest. Repetition helps build confidence and competence.”

Bottom line: Any preparation you can do now, either as a giver or a potential beneficiary, will yield a big payoff when the time comes.

Take this advice from reader Judith Meservey, a widow who offers support to other widows in her active adult community.

Writes Meservey: “I see quite a range of preparedness among the women. I try to encourage couples to be interchangeable when it comes to financial and estate matters, encouraging them both to know how to pay bills, where the assets are and what the passwords are. In my case, I created a document 20 years ago with key information that I update each year for my sister in case something happens to me. It would help someone step in with ease and confidence.”

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