Preparing you and your family for whatever challenges or opportunities lie ahead sometimes means planning after you or a loved one learns they have a terminal illness.

While this checklist captures many key considerations anyone facing a terminal illness should plan for, these steps are relevant to anyone, regardless of health. You cannot control the future, but you can plan for your family’s financial security if something happens to you.

Here are some steps you can take to help care for those you leave behind.

Consider your situation by asking these questions

• Do you have life insurance? If you do not have life insurance, it may be difficult or expensive to qualify – especially after a diagnosis – but it can be worth discussing options promptly with a licensed insurance professional. If anyone depends on you financially, life insurance can provide a vital safety net. As an illness progresses, coverage options may narrow. If appropriate, ask whether coverage for family members should be part of your broader plan. If your illness causes you to lose your job, your employer-sponsored life insurance will likely be gone.
• Do you have the right team? It is important to work with a team of professionals you can trust. If you don’t already have a team in place, you should consider retaining the services of a financial advisor, tax advisor and attorney. These professionals will help you plan your estate and guide your heirs after you pass away. Involve your spouse in all stages of planning so they become accustomed to working with your team.
• Have you updated your estate plan? Make an appointment with your attorney to update your estate plan, will, power of attorney and healthcare directives (including an advance directive).
• Do you need to set up a trust? A trust can help manage and distribute assets, and it may help reduce probate delays (depending on your state and how assets are titled). In some situations, certain trusts can also support tax planning. Your planner, accountant and attorney will be essential to trust planning.
• Who will take over your finances for you once you are gone? If you have a trust, you may choose whoever you'd like to manage it, such as a trusted family member. However, you may also choose a professional trustee who may be better equipped to handle complex family structures and relationships reliably for a fee. With a wide range of expertise and up-to-date knowledge of trust and tax laws, your trustee can help guide your beneficiaries to make smarter and sometimes difficult financial decisions.
• Will you be leaving a spouse behind? Do they know how you file your taxes or pay the bills? If not, it’s time to show them exactly what you do. Make sure all your documents are in order and your spouse knows where you keep all the records. Setting calendar reminders and notes can be effective in helping them take on these responsibilities.

Record your assets

Make a list of every asset and debt you have. Include as much detail as you can for each: the title of each account, where it’s held, the owner, the account number, the beneficiary and contact information.

Below are examples of assets you’d include, and the most pertinent information for each.

• Investment accounts, including retirement and taxable accounts
• Health savings accounts: Have you designated a beneficiary?
• 529 college savings accounts: Is there a successor owner on file?
• Life insurance: Who is the beneficiary? Is it a trust?
• Checking and savings accounts: Are they payable on death? Joint accounts?
• Car registrations: If the car is registered only in your name, your spouse may face administrative or insurance complications using or re-registering it until your estate is settled. The same applies to all vehicles, such as RVs and boats.
• Artwork and jewelry: Are they jointly owned with your spouse or children? Catalog all of your belongings and designate who should inherit them.
• Insurance policies: What happens to your car insurance policies if you are no longer on them? Call your insurer and find out.
• Home title and mortgages for your primary home and any investment or vacation properties
• Credit cards: Do you have any rewards cards? Call the card company to find out if the points are transferable. Do the cards have any authorized users? Make sure authorized users know they generally should not use the cards after you pass away, and confirm the issuer’s rules.
• Bills: Transfer bills to whomever will be paying them from now on.
• Cell service: Update the primary owner on your family’s cellphone plan if needed. Make sure someone has your phone passcode.

Other considerations

• Succession planning: Do you own a business? Do you have a succession plan in place?
• Pets: Update pet registrations, microchip information and ownership records with your county and veterinarian. Does your trust or will account for their care and ownership costs?
• Login credentials: Create a list of usernames and passwords for your digital accounts (social media, pictures, cloud storage, etc.). Consider a password manager if you don’t already have one.
• Social media: Will you want your accounts to remain active after you’ve passed? Share your wishes with your loved ones so they can act accordingly.
• Charity: Do you want or need to make gifts to family or charities?
• Health insurance: If your spouse or dependents are on your health insurance, what is the plan for their ongoing coverage? They may need to learn how COBRA and the healthcare exchange work.
• Social Security: If you have a child under 16, your spouse may qualify for survivor benefits in some situations. If you have a child under 18, your child may qualify for survivor benefits (and sometimes longer). It’s vital that they file for these benefits as soon as possible after you’re gone. Also, your spouse may qualify for benefits based on your record if you were the higher earner. However, remarriage can affect eligibility.

Beyond financial advice

• Take the guesswork out of funeral arrangements. Whether you plan everything in detail or share broad directions, your family will appreciate it, and it can provide solace in knowing that your wishes will be carried out. Ask them how they want to remember you.
• Carefully consider what you want your legacy to be. Have you discussed this with your family? Do you have shared family values – or even a family mission statement? If your child is too young to know, consider making a video or letter describing your hopes and expectations for their future and the family wealth.
• Make videos whenever you think of something you want your family to remember – stories, advice and messages of affection. Don’t forget funny stories from your early 20s, and the lessons you learned along the way. Share whatever guidance you’d give your family or friends if you are not going to be here.
• Schedule activities you want your family to remember. Think about routines you handle – checking the smoke detector, buying gifts for Christmas, getting the kids a haircut, giving the dog medicine. Leave a note on a calendar if that may help.
• Make a list of activities you’ve always wanted to experience, commonly known as a “bucket list.” Then start doing them. Take a trip, learn a new skill or hobby, and create new memories with your family. Do whatever it takes to experience life to the fullest. Planning is something you can control.

Your J.P. Morgan advisor can offer financial guidance as you and your family navigate this challenging time.

This article was authored by Megan, a former financial planner. At 41, Megan was diagnosed with stage 4 cancer. After recovering from the shock of her diagnosis, Megan began planning for her family’s future financial well-being. That process served as the basis for this article. It was Megan’s wish that her experience would guide families experiencing similar diagnoses.