Won the Euromillions €250m? Top tips on how to handle sudden wealth

Irish Examiner

8 hours ago

News that the winning €250 million Euromillions ticket was sold in Cork has triggered the usual speculation about what people would do if they had won the €250m. But a much harder question is how to manage sudden wealth on that scale.
The odds of hitting the EuroMillions jackpot are 139m to one. For those who do, what comes next? One-third of big-ticket lottery winners ultimately declare bankruptcy. That sobering fact isn't meant to dim the shine of any winners. Rather, it's a reminder: Wealth needs careful handling. The reasons for bankruptcy are rarely dramatic.
More often, the damage accumulates slowly: Spending that outpaces planning, advice taken in fragments, and no structure to support long-term decisions.
Davy financial planning director Heather Randles.
Few people ever need to think about managing hundreds of millions of euro, but if they have to, the pressure to act can be immediate. So, the best first step is to pause. Take a breath: No major purchases, no headlines, no Ferraris. Resist the urge to act fast.
Once you're in a clear headspace, your priority should be to get expert advice. Some of the key question your advisers will ask you are: What do you want your money to do for you? Do you want to retire early, travel the world, support family, or invest in causes close to your heart? With clear goals in place, you can build a financial plan that covers the essentials: Income generation, tax structuring, estate planning, insurance, and investment strategy.
And, yes, a nicer house or car can be part of the plan — but keep a cool head and seek advice.
Structure for long-term planning
The correct structures can provide a legal and financial framework that supports long-term planning, ensures flexibility around how the money is used, reduces future tax liabilities, supports gifting or charitable giving, and makes succession easier to manage. Your solicitor, tax adviser, and wealth manager should be in the room from the start, working together.
Too often, people approach these decisions piecemeal — talking to a lawyer about a trust, an accountant about tax, a bank about investments — with no one coordinating the full picture. The result is fragmentation; well-intentioned decisions made in isolation that don't add up to a coherent plan.
Celebrations at Clifford's Centra after the store sold Ireland's biggest ever Euromillions jackpot. Heather Randles advises careful planning whether your windfall is €2m or €250m. Picture: MacInnes
Coherence matters, because every decision has downstream consequences. For example, transferring assets can trigger taxes for the recipient, and transferring assets too early can give away control before the recipient is ready, or before you're ready.
The capital acquisition tax thresholds are relatively low, at just €400,000 tax-free from parent to child, and far less for other family members. Without a plan, even small gifts can generate tax bills.
Taking the pressure off
There's also the question of visibility. A lump sum of this size frequently changes how others see you. Remaining anonymous is possible in Ireland, but not guaranteed, and going public, even if briefly, can bring lasting attention.
Managing that visibility, and the requests that come with it, can become a full-time job. Formal structures and processes, such as a family foundation for philanthropy, or a central point of contact for professional inquiries, can take pressure off the individual and avoid awkward or emotionally-charged conversations.
Succession
Longer term, succession becomes a major concern. A will is essential, but not enough on its own. For someone with this level of wealth, planning has to go beyond simple distributions.
Who controls the assets if the individual becomes incapacitated? How are young or financially inexperienced beneficiaries supported without handing over large sums too early? What happens if circumstances change through marriage, divorce, emigration, or disputes?
Structures like discretionary trusts can provide flexibility, allowing assets to be held for the benefit of family members without handing over immediate control.
Enduring powers of attorney can provide clarity in the event of illness or incapacity. Letters of wishes can guide future decision-makers without legally binding them. The tools exist, but they only work if set up early and reviewed regularly.
Pause and take stock
None of this needs to be done overnight. One of the key benefits of having a co-ordinated advisory team is the ability to pause and take stock, to create space for strategic thinking before reactive decision-making
The lottery may be an extreme case, but the underlying challenge of managing sudden, transformative wealth is more common than people think. Business exits, inheritances, and asset sales often arrive quickly, and with them comes pressure to act.
What makes the difference is whether you have a plan. Not just a list of things to buy or invest in, but a structured approach to protecting, using, and passing on wealth in a way that aligns with your goals.
It all depends on what you do next
So, whether it's €250m or €2m, a windfall like this opens doors. It can fund your dream life, provide security for generations, and make a real difference in the world.
But it all depends on what you do next. So, take a breath. Find your team. Set your goals.
And build a plan to ensure your wealth doesn't just last, but thrives.
Because being 'set for life' is more than a number. It's having a plan!
Heather Randles is financial planning director with Davy