1. Andrea, age 73, is a widow with one adult daughter and no other heirs. Her only assets are as follows:
   • Townhouse, purchased in 1992, and with a current market value of $6 million. Andrea contributed the entire purchase price for the townhouse and titled it as JTWROS with her daughter.
   • Family farm with a current market value of $12 million. Andrea gifted the farm to her daughter in 1996, but retained a life estate.
   • Checking account with a current balance of $12,000, titled as JTWROS with her daughter.
   • Traditional IRA with a current balance of $50,000. Her daughter is the designated beneficiary.
   • All remaining assets are in her revocable living trust. Her daughter is the successor trustee and beneficiary.

Andrea has no will and no debts. Which of the following is Andrea's most serious estate planning deficiency?

		Overqualification of her estate.
		Insufficient estate liquidity.
		Lack of a will.
		Excess probate estate.