Top answer: Renee and Steve Burrows are in their mid-thirties and have two…

  

Renee and Steve Burrows are in their mid-thirties and have two… Renee and Steve Burrows are in their mid-thirties 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.  Steve has $100,000 in group term life insurance and an individual universal life policy for $150,000.  However, the Burrowses haven’t prepared their wills.  Steve plans to do one soon, but they think that Renee doesn’t need one because the house is jointly owned.  As their financial planner explain why it’s important for both Steve and Renee to draft wills as soon as possible.   Accounting Business Financial Accounting MATH 101