Ariq and Felipe, a married couple, are reviewing their estate planning needs; they are both aged 65 and supply the following information:

• They jointly own their home worth $1,200,000 and have no debt.
• They jointly own a car ($40,000), home contents ($60,000) and savings ($30,000).
• Ariqs allocated pension has $430,000 (tax-free $80,000, balance from a taxed source).
• Felipes allocated pension has $240,000 (tax-free $40,000, balance from a taxed source).
• They have two financially independent adult children; one is experiencing marital difficulties.
• They would like to leave their estate to their children equally.

Required:

Discuss the estate planning issues associated with this scenario.