At what net worth did you stop putting off estate planning?
My wife and I are both 34 and live in Springfield, MA. Our household income is around $600k, and between RSUs, retirement accounts, a brokerage account and our house, we're sitting somewhere around a $1.4M net worth depending on the market. We've been pretty disciplined about investing, tax planning, and insurance but one thing we've kept pushing off is estate planning. I always thought it was something people did much later in life or after they had a lot more wealth than we do.
A conversation with a coworker recently got me thinking that if something happened to one of us, we'd probably be leaving the other person with more headaches than necessary. We don't have kids yet, but that's likely in the next couple of years, so it feels like we're getting to the point where we should stop procrastinating.
For those of you who've already done it, what was the trigger?
I'm curious how other HENRYs approached this
Thank you!