Buy everything I ever wanted
Donate it to worthy causes
A little of both
After losing their child, they deserve a life where everything is taken care of so that they can focus on recovering from their grief. I wouldn't blame them for spending the money on luxuries. I'm sure they are still going through hell every day.
As for charities... I don't trust most of them as far as I can toss them. Seems like money that goes to charities ends up anywhere but the target demographic. I'd rather establish my own charity so that I have total control over who the money is going toward.
Financial compensation because of negligence or other liability serves a useful purpose because it's an incentive to make a safer product or whatever. But I wouldn't enjoy having possession of "blood money," much less spending it.
I would invest in gold, build a cabin on a lake, and some great photography gear. I would take a long cruise on board the Celebrity Equinox and the Queen Mary II with my sig other. I would donate to civil rights organizations the green energy political groups. I would buy a Tessa automobile and a Model T.
I would donate the entire sum. I understand that these type of judgements are an incentive to compel a corporation to act in a safe manner (i.e. back up cameras). I fully support this. However personally, I wouldn't accept the money as personal disposable income. No amount could ever replace the loss of human life. I would give all of it to a needy cause and not to enrich my own life.
I'm really not sure, but we'd probably spend some of it on ourselves. At least enough to pay off the mortgage and car loans, and maybe do a little bit of work on the house. The rest I'd probably try to find some kind of charitable organization to help, or start my own.
If you build a man a fire, he'll be warm for a day.
If you set a man on fire, he'll be warm for the rest of his life.
have fun, fun, fun, til my daddy take the T-bird awaaaaay...