Jerry and Candice Hogue are in their mid-30's 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 $310,000, on whic they have a mortgage of $250,000. Jerry has $100,000 in group term life insurance and an individual universal life policy for $150,000. However, the Hogues haven't prepared their wills. Jerry plans to do one soon, but they think that Candice doesn't need one because the house is jointly owned. Explain why it's important for both Jerry and Candice to draft wills as soon as possible.