Chris and James Simon are in their mid-30s and have two children, ages 8 and 5. They have combined annual income of $95,000 and own a house in joint tenancy with a market value of $310,000, on which they have a mortgage of $250,000. James has $100,000 in group term life insurance and an individual universal life policy for $150,000. However, the Simons haven’t prepared their wills. James plans to draw one up soon, but they think that Chris doesn’t need one because the house is jointly owned. As their financial planner, explain why it’s important for both James and Chris to draft wills as soon as possible.