Jack and Dianne are married and in their mid-30s. They have two children, ages 3 and 5. They have a combined income of $100,000 and own their home in joint tenancy with right of survivorship. The house has a market value of $300,000, and the mortgage is $250,000. Jack has $100,000 of group term life insurance and an individual term life insurance policy of $200,000. However, Jack and Dianne have not prepared wills. Jack is not worried because the house is in joint tenancy. Jack does plan to have a will drafted soon but doesn't think that Dianne needs one. If you were advising them, what recommendations would you make regarding their estate planning? Why should they have wills drafted sooner rather than later?