A significant financial windfall would benefit most of us. But for some, it would be a short-lived flash in the pan. For others, it could do more harm than good.

Advertising gives the illusion that we might enjoy a huge lottery win if we play the lottery. Sure, it could happen but the likelihood is ridiculously small.

It’s much more likely a significant financial windfall would come in the form of an inheritance.

I suspect most of us would put such a windfall to very good use. Investment planning advice would be sought and the money used as advised to minimize or eliminate existing borrowing costs and to maximize investments.

Would our 16-year-old selves be so responsible? What about when we were 19, 21, 25 or even 30?

The government looks after ensuring a minor won’t fritter away an inheritance. Unless the will appoints a trustee, the office of the Public Guardian and Trustee steps in and acts as trustee until the minor becomes an adult.

Wills regularly appoint a trustee for minors. Often, the trust extends........

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