If you opted to receive a large settlement check instead of installments, take a breath. This is an emotional time for you and your family. You deserve to take a moment for yourselves and appreciate your win.
While you may have any number of ideas for where the money should go, it is best to take a beat a make a plan. Consider the following:
Pay off your medical debt and expenses
Pay down other debts, including credit card debt or your mortgage
Create an emergency fund to protect against future accidents
Consider investing for your retirement
In addition, be sure to update your will and create an estate plan. When the unexpected happens, it is better to have a plan in place for your settlement money than to lose much of it to probate and court costs.