I'm 54 with Stage 4 cancer — I don't know how long I'll be able to keep working but I want to make things easy for my 2 college-age kids. What do I need to do to get my affairs in order?

Deal with your immediate financial needs

If Charlotte is unable to keep working, she’ll still need an income — and she’s too young to claim her Social Security retirement benefit.

However, she can apply for Social Security Disability Insurance (SSDI), and since she has Stage 4 cancer, she may qualify for expedited processing.

In the meantime, Charlotte could find out if she’s eligible for long-term disability (LTD) insurance through her employer. LTD insurance provides you with a portion of your salary if you can no longer work because of an injury or illness (so long as the injury or illness is covered by your policy).

If you’re accepted for SSDI, it’s possible to continue receiving LTD benefits, but the SSDI will offset and reduce those LTD benefits.

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Get your affairs in order

Three out of four Americans don’t have a will, according to Caring.com’s 2025 Wills and Estate Planning Study — so if you don’t have one, you might want to make that a priority if you have a terminal illness. If you do have one, make sure it’s updated to reflect your current wishes.

Your will should specify how you want your property, money and other assets distributed when you die. If you don’t have a will, a probate court could oversee the management and distribution of assets according to state laws — and their choices may not align with your wishes.

Aside from your will, you may want to consider naming a durable power of attorney for finances, in which you designate a person who can make decisions on your behalf if you’re unable to due to illness or injury. You can also name a health care power of attorney, which designates a person to make decisions about your medical care on your behalf if you’re incapacitated.

Charlotte may want to consider a living will, which would specify which medical treatments she wants or doesn't want if she can’t make decisions on her own. She should also talk to her doctors and loved ones about her wishes in the event of an emergency or at end of life.

Consolidate your documents

Make sure all of your important documents are in an accessible place — and make sure to tell your lawyer and loved ones where to find them. You should also have copies of those documents in another secure location, like a safe deposit box. Once again, your lawyer and loved ones should be aware of this.

To simplify and streamline your affairs, you could create a “when I’m gone” folder that includes all important information, such as:

• Personal information (Social Security number, birth certificate and marriage certificate)
• Location of your latest will, living will and power of attorney
• Banks and account numbers
• Insurance policies
• Mortgage information and property deed
• Car title and registration
• Credit and debit card account numbers
• List of bills and subscriptions (which will need to be cancelled)
• List of income and assets (401(k)s, IRAs and pensions)
• List of investment income (stocks, bonds and property)
• Latest income tax return
• Copies of medical orders
• List of up-to-date passwords
• Contact information for friends, relatives, doctors, lawyers and financial advisors

It’s important to keep much of the above information out of your will, unless it’s necessary, as wills generally become public record after going through probate.

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Review your documents

If you update your will, you’ll also want to update your retirement accounts, insurance policies and annuities — say, if you’re now divorced and want your children to be beneficiaries instead of your ex.

That’s because, even if you name a beneficiary in your will, the beneficiary selections on your retirement accounts, insurance policies and annuities may take precedence over your will. So make sure those beneficiary selections are current.

For some assets, like bank accounts, CD accounts and brokerage accounts, you could set up a transfer-on-death designation so your beneficiaries won’t have to go through a time-consuming probate process to receive those assets.

Make smart money moves

If you want to leave a financial legacy to your heirs (rather than a pile of debt) it’s important to make smart money moves now.

That could include paying down any high-interest debt, such as credit cards, car loans or any other loans or open lines of credit. That could also include simplifying your finances by consolidating your debt (combining multiple debts into one) and cancelling any credit cards or lines of credit you don’t need anymore.

Charlotte may want to consider leaving a monetary gift to her adult children now, which could potentially reduce estate taxes and simplify the settling of her estate after her death. For 2025, the annual gift tax exclusion is $19,000 per recipient, however, the lifetime exclusion limit is $13.99 million — although it’s set to drop drastically starting in 2026.

Estate planning is complex, so it may be a good idea to consult with one or several professionals, such as a financial advisor, estate planning attorney, insurance broker and/or tax professional.