I'm assuming that "all the money in the world" is representative for a large, but limited, sum of money, like winning the lottery.
I would make sure my parents are taken care of and financially unburdened for the remainder of their lives, and enjoy it. I would set up largish trust funds for the children in my immediate family. I'd buy a modest house in the area for myself. I'd buy a vacation home in the mountains. I'd travel all over with my son for a few months. I'd invest the majority of the rest into long term investments, some into short term, high risk. I'd go back to school. And, well, I'm sure I'd party some of it away.