Zoe and William Hawkins are in their mid-30s and have two children, ages 8 and 5. They have combined annual income of $95,000 and own a house in joint tenancy with a market value of $410,000, on which they have a mortgage of $300,000. William has $100,000 in group term life insurance and an individual universal life policy of $150,000. However, the Hawkins haven’t prepared their wills. William plans to draw one up soon, but they think that Zoe doesn’t need one because the house is jointly owned. As their financial planner, explain why it’s important for both Zoe and William to draft will as soon as possible.