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Darrell and Karla Boykin are in their mid 30s and have two children ages 8 and 5 They have combined annual income of $95000 and own a house in joint tenancy with a market value of

Darrell and Karla Boykin 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 $310,000, on which they have a mortgage of $250,000. Darrell has $100,000 in group term life insurance and an individual universal life policy of $150,000. However, the Boykins haven t prepared their wills. Darrell plans to draw one up soon, but the couple thinks that Karla doesn t need one because the house is jointly owned. As their financial planner, explain why it s important for both Darrell and Karla to draft will as soon as possible.

 

May 16 2020 View more View Less

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