Mediation is done and thankfully you reached a settlement agreement. A few weeks have gone by, and you’ve now received a cheque in the mail with a lump sum payment. Now what? You have just spent years dealing with the anxiety of the litigation process, and now it’s finally over. While there are many resources to hopefully prepare you for the litigation process itself, there are very few to prepare you for what happens after. This article will discuss what happens following the settlement, and how to best prepare for your future following a personal injury claim.

Following settlement of your claim, you may be completely overwhelmed to receive the settlement funds. What will you do with the money? The options are endless, but most importantly you must remember this money is to compensate you for the pain and suffering you experienced due to your accident, and ensure you receive continued treatment for your injuries. As your lawyer will have explained to you, this is a full and final settlement, meaning you will receive no further compensation for your accident. If you anticipate your recovery is long term, the most important thing to do with these settlement funds is to put them aside to ensure you can continue to attend necessary treatments.

With this in mind, your top priority should be to ensure you have enough funds for future treatment and cost of care. You may also have accumulated some debt during the litigation process if you were unable to work that you may wish to pay back. However, regardless of what your financial situation is, it may be in your best interest to reach out to a financial advisor to come up with a future plan. While it is the lawyer’s job to get you the best settlement possible, their expertise only goes so far. A financial advisor will be in the best position to advise on how best to handle the settlement money.

Aside from figuring out how best to allocate the settlement funds, it is also important to consider any resources you may need following litigation. The process is not easy and following a settlement you may feel relieved, but also anxious as you will likely still be dealing with injuries from the accident. Remember – there are many resources still available to you, even if you do not access them through your lawyer. In Ontario, you can access mental health services through the Canadian Mental Health Association by calling 1-866-531-2600 (toll-free). Further, continue to follow up with your treating physicians to ensure your injuries do not get worse. Of course, our lawyers are always a phone call away to assist you with any future legal matters, and we are happy to assist any clients in accessing the required care they need.