Discover this month’s curated insights: practical real estate lessons and strategies, timeless Stoic wisdom for modern challenges, and a thought-provoking podcast on health, longevity, fitness, or biohacking — all distilled for your immediate benefit.
WEALTH
The Ideal Number of Trustees: Less is More
When someone creates a trust, they appoint a trustee to carry out their wishes regarding asset distribution after death. As trustee, you’re essentially the executor of their financial farewell tour—a fiduciary role that requires the highest level of care of the decedent’s assets according to their instructions.
So what’s the magic number of trustees? From experience, one is often ideal. My father, thinking he was punishing me after our falling out, named both my sisters as co-trustees. Little did he know he was actually doing me a favor while complicating their lives!
An even number of trustees can create deadlocks on important decisions. If multiple trustees are preferred, it seems most prudent to opt for an odd number to avoid ties.
Remember: Being a trustee is typically a thankless, often uncompensated job that only becomes more challenging with multiple appointees. More trustees doesn’t mean better administration.
Pro Tip: Despite creating a trust to avoid probate, trust administration still falls under Probate Code regulations. Consider consulting an estate planning attorney to navigate these waters successfully. If you’d like a recommendation to an attorney who can assist you with administering a trust, please reach out to me.
WISDOM
Keep the Main Thing the Main Thing
Most of what we say and do is not essential. If you can eliminate it, you’ll have more time, and more tranquility. Ask yourself at every moment, “Is this necessary?” —Marcus Aurelius
Once again, I’m struck by how little some aspects of human nature have changed in 2,000 years. Do you still fall into the same trap—overextending yourself, saying “yes” to too many things without realizing you’re automatically saying “no” to something else?
This came to mind once again recently. My outgoing voicemail clearly states that calls after 6pm or on Saturdays will be returned the next day. Yet one evening, I broke my own rule. A client under contract called after 7pm, and I assumed it would be a quick conversation. Forty-five minutes later, the call ended—and I’d missed time with Halston and Sandra. You probably guessed the client’s concern could have easily waited until morning.
My friend Jeffrey Saad, a former chef and now real estate agent, calls this the reduction principle. (You can listen to a podcast I did with Jeffrey to learn more about his amazing mindset). Just as a reduction intensifies flavor by boiling away the excess, our decisions become more powerful when we focus only on what truly matters. More isn’t always better—sometimes less is richer.
Where in your life can you ask, “Is this necessary?”
WELLNESS – Walking vs. Running: A Longevity Perspective
Fitness and longevity expert, and biohacking wizard Ben Greenfield discusses with former Ironman Champion Mark Sisson his new book, that suggests walking might edge out running for overall health and longevity. Their insights were compelling enough that I’ve pivoted to running just once weekly, with walking and cycling filling my other active days.
What’s your experience with these different forms of movement? Has your fitness routine evolved over time?
PODCAST RELEASED: I recently interviewed David Gering who is a business continuity expert. We discussed how individuals and businesses can prepare for disasters and disruptions. Whether you’re a homeowner, business owner, or simply looking to be better prepared, this conversation is packed with actionable advice to help you navigate uncertain times.