Case 2: Lyle Lanley and his estranged wife Cheryl have the following estate assets. Though they have lived apart for the past four years, they never formally divorced. Lyle died this year without a will. They do not reside in a community property state. Lyle and Cheryl never had children. 1. Home ($600,000) purchased 15 years ago for $500,000 and held Tenancy by the Entirety. 2. Undeveloped land ($100,000) held Fee Simple/Sole Owner by Lyle. 3. A whole life Insurance policy with Cheryl as the insured, owned by Lyle (Cash Value: $50,000; Death Benefit: $250,000). The beneficiary is Lyle. 4. A 401(k) in Lyle's name ($350,000) with his friend Alice as the listed beneficiary. Alice is still living. 5. A Roth IRA in Lyle's name ($500,000). The beneficiary is Lyle's dog, scotch who unfortunately died a year before Lyle. 6. Condo ($75,000) owned Fee Simple/Sole Owner by Lyle. Part 1: Based on the data provided, please complete the following table: Calculations for Lyle Lanley: Asset FMV of Lyle's Interest (Gross Estate) Amount Included in Probate Estate Home Undeveloped Land Life Insurance 401(k) Roth IRA Condo TOTAL Part 2: Looking at the Lanley case, discuss some of the major issues that arise due to the lack of a will (provide specific examples based on details provided). Case 2: Lyle Lanley and his estranged wife Cheryl have the following estate assets. Though they have lived apart for the past four years, they never formally divorced. Lyle died this year without a will. They do not reside in a community property state. Lyle and Cheryl never had children. 1. Home ($600,000) purchased 15 years ago for $500,000 and held Tenancy by the Entirety. 2. Undeveloped land ($100,000) held Fee Simple/Sole Owner by Lyle. 3. A whole life Insurance policy with Cheryl as the insured, owned by Lyle (Cash Value: $50,000; Death Benefit: $250,000). The beneficiary is Lyle. 4. A 401(k) in Lyle's name ($350,000) with his friend Alice as the listed beneficiary. Alice is still living. 5. A Roth IRA in Lyle's name ($500,000). The beneficiary is Lyle's dog, scotch who unfortunately died a year before Lyle. 6. Condo ($75,000) owned Fee Simple/Sole Owner by Lyle. Part 1: Based on the data provided, please complete the following table: Calculations for Lyle Lanley: Asset FMV of Lyle's Interest (Gross Estate) Amount Included in Probate Estate Home Undeveloped Land Life Insurance 401(k) Roth IRA Condo TOTAL Part 2: Looking at the Lanley case, discuss some of the major issues that arise due to the lack of a will (provide specific examples based on details provided)