4 - This question is worth 12 marks and has TWO parts (a) and (b). Sofia and Billy are in their early 60s and nearing retirement. They have not made any estate planning arrangements yet and are concerned about ensuring their assets are distributed according to their wishes upon their deaths. Below are some stylized facts about their assets: Sofia: Owns the vacation home both Billy and Sofia use at least once a year. Has a superannuation balance of $400,000 in a defined contribution plan with a binding death nomination to Billy. Sofia has a life insurance policy on Billy worth $500,000 with no binding death nomination. Billy: Owns the primary residence both Sofia and Billy live in. Has $300,000 in a defined benefit superannuation plan with no binding death nomination. Billy has a life insurance policy on Sofia worth $500,000 with no binding death nomination. Together they also jointly own a joint bank account with $200,000, and a boat valued at $50,000. Q4 Part (a) Identify which of Sofia's assets are estate assets and which are non-estate assets. Briefly explain in your own words to Sofia what estate and non-estate assets are and why it would matter for the purpose of estate planning. In your explanation, explain to the couple whether it's a good idea to have all assets as estate assets and why