Importance of writing a will. Emilia and Kevin Boyd are in their mid-30s and have two children, ages 8 and 5. They have combined annual income of $150,000 and own a house in joint tenancy with a market value of $410,000, on which they have a mortgage of $300,000.

Kevin has $100,000 in group term life insurance and an individual universal life policy for

$150,000. However, the Boyds haven’t prepared their wills. Kevin plans to do one soon, but they think that Emilia doesn’t need one because the house is jointly owned. Explain why it’s important for both Emilia and Kevin to draft wills as soon as possible. P-89