Estate Planning Priority

Sarah, a CFP® professional, is working with her client, Mark, who wants to ensure that his assets are distributed efficiently to his heirs and that his minor children are cared for in the event of his death. During their discussion, Sarah learns that Mark has a will but no other estate planning documents. Mark also owns a home jointly with his spouse and has a significant balance in his 401(k).
Which of the following should Sarah recommend Mark address first to meet his stated goals?
- Designating a guardian for his minor children in his will.
- Reviewing and updating the beneficiary designations on his 401(k) account.
- Establishing a revocable living trust to manage his assets.
- Changing the ownership structure of his home to avoid probate.