Question $15$

Howard is a widower and has two children, Eric and Holly. Howard has recently been spending a lot of time with Joanne and he plans to propose to her soon. Howard has revised his Will to provide that one half of his estate goes to Joanne and the other half is split between Eric and Holly. Shortly after revising his Will, Howard passed away.

Howard's estate consists of the following assets:

$$150,000$ in a bank account. The account is in the name of Howard and Eric, with a payable on death designation.

Home worth $$400,000.$ The home is in Howard's name.

Cars worth $$75,000$ total, all in Howard's name.

$401(k)$ from Howard's job. The beneficiaries are Eric and Holly, $1/2$ each.

Life insurance policy in the amount of $$1,000,000.$ Eric and Holly are named as equal beneficiaries.

Miscellaneous property worth $$40,000.$ All owned by Howard only.

Who will receive which property and why? Is there anything Howard should have done differently or that you would have recommended to him?