Alex Simeonides — Estate Administration What Are The Real Costs

what's your dream what's your goal what's your motivation what's important to you what's your passion what can you do to change the world this is what's involved conversations with thought leaders and changemakers from around the world hear stories of hope and inspiration to help motivate people like you to live your life find your passion and live your dream together we can all bring positive change to our world now here's your host David Watts and it is time for another what's involved this one is probably what you buy capital legacy leave a legacy now we're doing a series of these chats and I thought if again a chat about all things wills and the states etc etc capital legacy great great bunch of people but we're better to go to then the CEO of capital legacy Alex some you need is hello Alex how you doing yeah all right yourself David good to be back good it's yard you know I can't believe that time fire so quickly but let's just talk a little bit about capital legacy your South Africa is number one wills and estate specialist you've got a big massive estate administration team that have got all the relevance for the people under one roof as well and today I thought talking about that let's let's talk estate administration but maybe you've been I don't know living under a rock or something and you haven't met Alex yet so Alex tell us a little bit about capital legacy maybe they don't know about you guys yeah sure sure so we started this little business ten ten years ago ten years ago in September this year and yeah our mission was to to get more wills done and to the process of getting more wills done set up in a state business and ultimately to do one thing and that's to make the loss of a loved one easier and over these last ten years decade if you may we've really worked hard to to make getting the will more convenient more accessible and at the same time looking at the the state estate process and it's obviously it's labored with lots of bottlenecks and and bureaucracy and and trying to simplify it streamline it we talk about putting the estate process into the wind tunnel like an f1 car and seeing how we can make it better and and we really feel like we've been the pioneers in that space of one getting the world's more accessible and convenience and and to taking the estate administration to another to another level okay now now last month I'm just casting my mind back we talked about one of the gaps that you identified in this process in terms of rules and estates et cetera et cetera and it led to the creation I believe of the legacy protection plan hey now that's right just explain what is this legacy protection plan and how does it fit in yeah so so exactly that how does it fits in so when you when you're doing a will right David often people until we sort of came about people then overlook this thing called the fees you know and some people did at the foresight they try to negotiate a little discounts on the executive fee but so what ultimately happened then is you do the will you pass away and and then bang you have all these fees executor trustee conveyance fees and and these just suck all the cash and what we refer to as liquidity out of your state so for example if you were supposed to be inheriting a house and there was no cash in the estate then that house might need to be auctioned because it needs to pay for pay for the fees right now enter the legacy protection plan what that does is it sucks up all those fees it makes sure that not even just a discount but all the executive trustee fees are taken care of so in my example that house doesn't need to be sold it can go to it can go to the beneficiary and that's why we say the legacy protection plan protects your legacy it makes sure that what you said in your will actually happens and and doesn't fail because of this oversight of these these these enormous fees yeah and it's it's one of the things that struck me as well and I've come across a couple of instances where somebody's passed away and at the end of the day despite them having the will in place all of these fees and strange little financial things that happen and they end up not inheriting anything so you're saying with this legacy protection plan it's a it's a sort of payment that we make like on a monthly basis and then all of those other expenses get taken care of due to that policy am I did I understand correct yeah and you know and the significance of it is you know you just take a step back and look at it David but I know it's our own product and we and we and you know can be seen to be plugging it but just take a step back how much does it cost you to to go have a cup of coffee and a breakfast and it wouldn't be or a mug and bean and that's honestly the cost of this this this plan every month and yet we do that you know and this can take care of so much more although I think you know South Africans love their their coffee and breakfast so that's so it's not this not to value that you know and just put it into context with what small rands amounts can can make such an impact for for those that you leave behind and in terms of this this legacy protection plan I mean if somebody's got a will and if they've drawn up their will with yours or somewhere else is it is it only for people who have their wills done by you the legacy protection so from a very technical point of view the answer is no you can bring in any will to us the trip to the to the plan is where we do the administration not not with the executor because an executor can outsource the administration the real cost sits in the administration of this state so the plan works if we do the administration which means that you can have a will but obviously if you've done a will was like an attorney or a bank they're gonna want to be the executor they're gonna want to do the administration why because they want to charge those fees they want to overvalue the state they want to then put a percentage on that and then they want to they want to buy Christmas presents yeah yeah listen yeah you're speaking to you to the right person yeah I know exactly about those costs and how they do it okay so essentially easiest thing even if you have a current will just have a chat to you guys get it drawn up find out about that legacy protection plan now this is something Alex and maybe we should talk a little bit more about this when we come back because yeah sooner or later this is gonna happen to all of us and I'm talking about death passing away so let's talk about that when we come back this is what's involved that is proudly brought to you by capital legacy leave a legacy my special guest is the CEO Alex some you need is we'll be back in just a bit this is what's involved don't forget to subscribe and leave a review more next and we're back with my special guest Alex some me I need is this is what's involved in that this edition proudly brought to you by capital legacy so Alex just before the break it's not something that we really want to think about but at some stage this is gonna happen we're gonna lose somebody close to us and I know and I'm sure many people know firsthand the trauma involved in that process when you lose a loved one you don't even know where to start you don't know how to start what to do where to look for in terms of the estate so what are you kind of suggesting so look the first thing is and it I'm stating the obvious yeah but you take out a whole lot of the uncertainty just by having a will that's valid and then to to step on from that having a will that appoints other concurrently or together with a friend or family member or specifically and only a professional executor the truth of the matter David is that you're your best friend your brother your your sister you know I don't know why this is but there's this sort of conception that you know if you're an accountant or a lawyer and you and you're working one of the auto firms you know what's happening with the states and I think it'll be further from the truth people who do estates are specialists in estates there's a particular there's a particular way things need to be done you don't just call the bank you call a specific area in the bank and you don't just go to the court you go to a specific court you don't just transfer property you're gonna do a specific type of transfer it's very specialist you know it's you can't expect people who've never done it before to to know what to do and then this all in the middle of that sudden loss of a loved one and the the the gyrations of emotions that happen you know all the memories I try to figure out you try to marry memories with money and and and you need that central person if you may that's that independent person to to be that rock to to point you in the right direction say take that that concern about money away for that moment in time so you can prove so you can reflect on the memories and then return to it with someone who's got a fiduciary or invested responsibility to to your well-being and them and the money component that happens when someone passes away you know Tony sorry sorry David we've we've wanted more than 4,000 estates now so we've come to to learn firsthand what can cause delays and this kind of confusion or uncertainty that you you mentioned in your question is probably one of the biggest things that that cause delays because not knowing which direction to to go in and having a professional at points who's appointed in the world can go immediately let's go step one step two step three and there's many steps as many steps favor to to actually get in the estate bond up well I mean I can speak to this firsthand Alex and I think I've mentioned this to before but my fiance lost both her mom and her dad in a very very short space of time there was obviously some money involved there was a property involved there is a trust involved and there's another business etc etc and her and her brother are executives but they've appointed a lawyer legal company to to wind this up and so far I think we're about 18 months in and haven't had much progress at all so and and and these are people I mean they're lawyers so it's you know you would assume that they would do you know what they need to do but as you've just mentioned that you need specialists to do this so I mean in my opinion talking to people like yourselves is one of the best things to do because I just I remember when when it happened and because that they passed away so closely we were in an absolute mess we didn't know what to do and what papers to have to get out and where to get and why to get so this makes sense to me now let's just talk about this quickly so if we have a will etc etc with you how does your your team do you have a team I mean I mentioned earlier that there is a job that is it a specialist bunch of people that sit under one roof and they go okay this is who's the state we work on let's say for example David Watts has finally kicked the bucket you won't need a team for me I guess probably one person working part-time but what would they do then well I like I like that you focus on the team so so yes to answer your question we've got everyone under one roof but just to qualify that we believe the state's administration process needs to be close to home so as much as you say under one roof don't imagine our entire state's administration business being here in Joburg we actually have it in Durban and Cape Town and bloom all over the country because we we believe in being close to the families and being in the connect vicinity to them but yeah we've got a huge team underneath one roof made up of various different role players so maybe just spend a little bit of time on on the team and the role player that you would get with us so so the first person you would actually have is is a claim administrator this is the person that will will help you claim on your on your legacy protection plan and also help you and the and your financial advisor claim on other policies that you you may you may have then you're going to get an estate consultant this is your if you made private banker for the estate they don't actually do the estate administration they are your go-to your relationship manager they'll support it with an assistant they are the person that will meet you that will come out with the forms that you mentioned they were that all over the place and and sit one by one firstly educating you in terms of what is step one what is step five what is step nine okay and be your go-to the whole way through the process they are they are skilled at managing that moment of one's passing and that process that unwinds in terms of of mourning whilst trying to move the estate along and be your you're punching bag and your go-to because it is a frustrating process and you need that I can I can relate to that Alex sorry I mean we we had there were investments there were policies there was stuff that nobody knew about and then we had to find out then we only found out later on and then they had to get off it was an absolute nightmare I would much rather have had like one person then I could phone and say hey listen sort it out please well you wake up in the middle of night so what these guys said we're the only business that actually has this role called an estate consultant normally what you do is you just you know you have a file and the file goes to a person that's going to administer the estate and we've learned you have this this person highly specialized person called a state consultant their job is to receive your what's up because you woke up in the middle nights and remember that once upon a time your dad said that he had a share in the sun light and and their job is to pull this all together for you because it really is all over the place and they know where to look as well they know if you say X they know where to look and find things because often things get overlooked I mean I'll give you an example David guys take life insurance policies and they may have unfortunately passed away from an illness that life policy header and had illness cover but they died shortly after the illness cover they never had a chance to chain talk came for the illness cover my guys are trained to flag it and go to the life company and say hey hey hey you should have paid faster not once oh okay no that makes a lot of sense because you don't know what you don't know right so that's why we want to to always have them on hand then what we have is is the actual state administration person this is seen to buy what we call an estate administrator this is our powerhouse they're the ones that are on the phones to the banks to the cell phone companies to the medical aids they're on the phones to the conveyance attorneys the master of the courts the accountants the auditors the the stock exchanges the investment companies the life policies you name it that's their job their job is to pull together all the information and put it down in what we call liquidation and distribution accounts now in order to get to that point you need something that's called a letter of executive ship which grants us or grants us the appointment of executive ship and then that actual work can can can commence and they pull it all together they almost do I call it a photograph of your assets and liabilities at the moment you passed away and then they do this video of what happened afterwards all the rent and the salary and everything that maybe was still claimable after the fact and they put that together in this set of accounts for everyone and that's called the liquidation and distribution accounts the thing about that accounts David and you'll see when we when we get appointed as the executor through the letter leadership each estate gets an estate number from our from our from our judiciary or the master of the court that's because each estate there's a court case each estate is different each estate has its own unique fingerprint no two estates are exactly the same so you can't just cookie-cut the the process and so well this one's gonna be the same this is gonna be something it's very very specific and bespoke you can't automate these things David it's perfect you sit and look at it think about the tax implications think about what's the best value to the beneficiaries what's gonna be quick what's gonna be slow where we could have potential problems like people who are who are occupying property and they shouldn't be occupying property and and put those wheels in motion and I think this is what causes families a lot of frustration because you may just look at something like a bank account right so David you've got bank accounts right and it's something as simple as oh well I've passed away and now the bank must pay over the money that I've got in my bank account nothing could be further from the truth what actually needs to happen for example and it's because of the rifle of fraud in our country is that banks have separate units in there in there in their businesses that deal specifically with people who have passed away because their certificates get falsified people try claim other people's bank account money are falsifying or stealing people's identities and in pretending to be dead and and and we've got to go through these huge processes to authenticate with the banks that this person really has passed away they've got to check it against the the the systems and then only they can actually start releasing money which is understandable but that that's not like don't you an ATM and and drawing the money now that's just one example of an item in an estate that needs to be dealt with and that's why it's not just like a one month or two months process no okay and cannot can I once again I'll interjecture sure not believe the things that come up though I remember one massive stumbling block was a DS TV subject subscription yes it's one of the last things that you think about but it's a problem because you can't just say cancel it because they can't just cancel it so these are the things that that you guys sort of work on and everything I want to ask you a question though because this is one of the desires that I would have had if I'd known about the stuff beforehand is do you have a way of communicating with your clients I suppose that the people that said that are you know beneficiaries of the will or they are the executives and keeping them up to date because one of the most frustrating things that we found is we keep on having to phone these guys and say hey what's happening have you done this and I go oh no by the way we should have asked you about this that in the next thing and then we get that stuff and we send that off and then we hear nothing and then we've got a phone again are you guys proactive in terms of going if I was if I was one of the members you sort of give me a regular update so so I mean let's just first qualify our communication strategy at the moment is a work in progress we've learned a lot of things a lot of lessons and it's a work in progress to to make it more more proactive but our what we've implemented is actually sort of a three-prong approach to the communication strategy right so the first is a standard type communication that comes out every every two weeks and it's got comments that relate to where we are in the in the estate but it's very impersonal that kind of communication and only the very diligent actually actually read it we often have a situation where we we person like you would call in and say no but I haven't heard from you guys I didn't know that you didn't tell me that because we were just relying on this this this two-week or fortnightly communication so we realized that we need a second problem to the approach and the second point to the approaches and I mentioned this estate consultant their job at key milestones in your state okay is to call you and not call you unnecessary just have a phone call for example and discuss certain things and do a sense check have we got this you said this I said this you said this we said this you said that do a reconciliation of the of the first meeting because trust me David everything changes from the first meeting to the last meeting there's so much that changes so we've implemented a second problem where at certain milestones our consultant has to call and sit and go and cover certain things and then the third one is is actually one that we are we launching soon and that's something where you can actually look at the estate live from your phone you can actually see what's going on at any point in time and anytime something changes you get a little notification to say that hey this is movement yeah come over come over look I'm trying to cover all three types of scenarios where we've seen a deficiency of just having to say an automated SMS or email going out which blacks which lacks that you know it's very impersonal per se so work in progress David work in progress listen I'm happy at least you guys are doing something in that direction because as I said that's been incredibly frustrating just before we go to another break Alex on average how long because a lot of people get the strong I was one of them I thought okay well two three months this should all be sorted out and as I said we 18 months down now so what is the average that it takes to wind up in a state so let me answer the question is what's the perfect number we've calculated it the perfect number is eight point seven months that's it everything goes according to plan there is nothing you can actually do to make it quicker than eight point seven months so that's your starting point but the reality is it can be 12 to 14 months because that's the perfect white picket fence everything's perfect nothing nothing goes wrong and and and so you're looking at about 12 months with us up to 14 some stuff can get crazy I mean you know if the revenue service sauce are good friends I need to audit the the estate if there's been a death as a result of unnatural causes you know like a car accident and these things need to be investigated if there's not enough cash in the estate these things can push out that's that time okay Alex sorry to interrupt let's talk a bit more about that when we come back and just see what could make your state take longer to wind up this is what's involved this edition project brought to you by capital legacy leave a legacy my guest is the CEO Alex Simeon it is we'll be back in just a bit we'll be right back with more what's involved David would love to hear from you to leave a voice message visit what's involved.com and click drop me a voice note and we're back what's involved project brought to you by capital legacy Alex Simeon it is CEO of capital legacy is my guest just before the break Alex we were talking about some of the things that can impact the winding up of an estate because I've now again you know when as soon as this is weird it's the kind of thing like rules and estates kind of thing you never ever think about until it happens to you and then suddenly you find out there's a lot of other people that are going through something similar and then the horror stories come out I've heard of these things taking years to actually get through to that so we've talked about if they've died of unnatural causes we've talked about liquidity if they've got financial issues this is the place where that legacy protection plan would come into play wouldn't it correct correct having having the legacy protection plan having your your life insurances in place to cover things like your bond and the personal loan yeah because I think I think the one of the fallacies David is people think that your your debt does with you and it's certainly dozens it needs to be settled everybody wants the chunk of change there what about you know if there is a will that's going along and suddenly I go but hang on so I mean other things that can hold up the estate so a will that is being contested you know you've got family members maybe one got cut out the world which will touch on in the moment and now someone's contest in the world that's it everything freezes the most of the court freezes everyone needs to freeze and this needs to go to court this needs to go to a high court with lawyers and advocates everything freezes nothing can continue and it's quite it's quite a we get it quite often where a will is contested another one and I alluded to it my will would be contested because obviously someone's been cut out the will and and this brings about what we call a spouse or children's claim so our laws provide for specifically children it's called children out if they say under the age of 18 you know maybe maybe one year and they can actually lodge a claim against the estate that's that's enshrined in our in our Constitution and this can also destabilize an estate because now all of a sudden and we've got to accept it I mean it's it's it's law and we're gonna do a calculation and oh just because a will wasn't well thought out this can really slow down slow down in a state look there's other things as well David you know apart from from beneficiaries we are we are in a world where there's institutions and these institutions can drop the balls can make life difficult but they also have their reasons you know earlier in the conversation we're talking about the banks needed to vet and and and and mitigate identity theft but but also you know you can have the revenue service they they need to audit certain estates you don't know when they're going to swoop they're perfectly entitled to and if they do David that's it you're locked in audit you can't distribute money you can't do anything you're an audit and we've got to sit there and fight and they don't make it easy I mean you got to go actually make an appointment at sauce where you are and we've got to go there and sit and wait in a queue for a whole day to now go fight the fight on the audit you know for example and you only get the appointment in a few weeks you know so the other one I know for a fact they can and our backlogs is in the at the master's office I mean but that's it it actually seemed like something out of a comedy because initially there was there was a break-in apparently and all of their computers were stolen so you caught on that one you put everything on ice then things got back on track and then suddenly there was a story something to the effect of they hadn't paid their water and lights bill so they'd been cut off so nobody was working yeah and then they got hacked their systems got hacked so we had all of that all of that and all of that last year yeah the only way we found out about that was by our constant phoning and saying hey what's happening so again you need somebody on your side that knows about this stuff so look I mean we can we can we can moan about the master's offices and yeah sure they've dropped the ball as well you know I mean getting hacked not paying your rent not having enough stuff but on the flip side of the coin is they have when they do have stuff they've got really good stuff lawyers they really do pay attention to each estate more often than not they're fighting for the interest of the beneficiaries against against unscrupulous executors and and so that's why these sort of walls are created because they really are trying to to fight for beneficiaries and I know it's that of course for me to defend them but you know they do do an excellent job and and if you have an established relationship with them and look we get into fights with the master I mean we have a fight at the moment is one at the moment because we you know we have a disagreement of professional disagreement but that's between us and them and notwithstanding that we have a relationship with them with all the master offices and and really it's working well you know the stuff there's no if you don't know what you're doing or you haven't invested in and being aligned with them for the interest of the beneficiaries or knowing what you're doing in that place you're gonna you're gonna you're gonna come up short but obviously if you're doing you know you're in the business of estates and and you've got those relationships and you know how to how to work within their system it's okay at the moment and and actually it's not too bad when they're not hacked or having their offices changed listen I mean you know it's it's yeah it is it's laugh and you can get as frustrated as you like not gonna change in here that Alex we got and every month we do ask people to send in our in their questions and questions they want answered so when we come back as we wrap up I've got a bunch of questions that have been sent through by some of the listeners so we'll dive into those then and see how many of those we can get through in the time we have left but there we go Alex Simeonides is my guest CEO of Capital Legacy this is what's involved it is proudly brought to you by Capital Legacy in case we're wondering why are we talking about Capital Legacy because I think it's a brilliant service I think it's something that certainly in the last couple years has really been brought to the forefront of my mind and I know lots of people struggle with this they don't understand so we decided we're gonna have a look at all these different aspects that's why we've got Alex on with us we'll be back with your questions in just a bit hey like what you're hearing share the podcast with your family and friends and spread the word this is what's involved and we're back what's involved brought to you by Capital Legacy and my special guest CEO of Capital Legacy Alex Simeonides so Alex a couple of questions have you got your seatbelt fastened now I'm ready because some of them I looked at and I was like I don't know the first one comes in from Ryan and Ryan says can I change the executors that are currently winding up my mother's estate and those executors as a bank apparent so my short answer is no when you are appointed as the executor it's come from a court it's not a commercial appointment that that you've made and the answer is is no unless they renounce which is highly unlikely or alternatively if they're found to completely broken the law committed fraud stolen from the estate which is also unlikely so unfortunately for Ryan he's going to need to work with the bank and try to get the best results he possibly can unfortunately if he's not happy doesn't sound like he's happy anyway let's move on to the next one Louise wants to know how would you then if there is a problem how would you go about contesting a will so the steps is is actually quite straightforward but it's a long and arduous process you need to get it you need to get an attorney you can't just ask the executive to contest the will a little bit of conflict of interest there you need to get an attorney the other turn you would need to approach a high court which means you would need to to go as an advocate and you would need to apply to the high court to tell the master of the court that hey this will is invalid or wrong for these these reasons and wait for a judgment from the from the court this cost money this takes time so caution Louise make sure that when you consult with the attorney you looked at all the pros and cons and if there's no other solution with all the reasons that you contest in the world hmm because that's that can end up costing you a lot of money all right next up we have Olivia and she reckons she's married in community of property so does she still need a will absolutely you still need to do a will you have you have a joint estate combined estate in community best describes it but you can and half of that estate was a joint state will always go to to Olivia's spouse but then you know she can also do what she made with the other half of the stage may also want that you to go to her spouse but you know also Olivia needs to do it because what if she has children right and she may say everything going to my spouse but if they both pass away what's gonna happen then you need a will to say what's gonna happen maybe it's gonna need to go to the kids or nieces nephews yes absolutely she's gonna meet still well again going back to my own experience with my fiance's mom and dad passing away so so sort of it's such a short interval between them as you know her mom's will she'd left everything then to her dad and then you know from when her dad then passed away he'd left everything to the children so yeah you got it you got to make sure and I think I don't know what do you say separate rules are just a good good I always always you know if you know if you're not paying for the walls it's why kind of people to join walls was to save the will drop and fee which doesn't exist nowadays you know there's people like us don't charge just go separate worlds the cleanest and best okay and then another one from Yaku he says my late father's estate is with a bank and they've been appointed as the executives the question he wants to ask is how much may they charge as executive fees and then what happens if they're not enough funds to administer that estate well well you know he's talking directly to the reason why we have the legacy protection plan so the fee on the executor bill is three and a half percent of the gross asset values that's not assets less yes David that's the gross asset value times three nine percent and then bang add that for it so on a million rand you're looking at about four hundred forty one thousand ran then if there's been interest or rent or that kind of thing that's been earned they are able to charge a further six percent on that to the last piece of the question if there's no money so the executive fee is as almost as secured as what's owed to sauce they are very entitled to actually sell the house and and keep what their share of the the proceeds are for their fees and you know I don't want to talk to the bank's practices but they may very well do that because they're a secured not just a creditor they're a secured creditor and are fully within their rights to to do that I don't agree with that principle we have a rule where we work we don't we don't sell property if there's a shortfall for whatever reason fees not taking the bonds we just don't have a rule we don't put people out of homes we actually renounce on the estates try this them certain help families that's that's terrifying I mean if if you if what your loved ones passed away and you think well you know I've got the house I've got some security for me and the kids and suddenly you find no you don't they're gonna take the house yeah okay so this is that that that's that legacy protection plan that comes in exactly why okay we're gonna have to talk after this at some stage okay we've got time for one or two more Ernest Rickins in my will I've stated that if I pass away my properties should be sold and the profits divided equally between my children so who determines the value or the selling price of the properties in my estate and again I can speak to this because the property that we're on we also that they had to come somebody had to come and tell us how much it's with we had no idea yeah absolutely so the the selling price will be that of willing buyer willing seller so we would typically appoint an estate agent or several we never appoint one ultimately we will look at at an auctioning process and we will use the principles of willing buyer willing seller and we would guide the transaction by saying hey this is the you know we do one of those typical last time reports we look at the most recently sold properties we would look what the reserve price could be in the event of an auction because our job and our fiduciary duty is to get the absolute most we possibly can but the underpinning thing there's possibly can because sometimes you can try push it too far and you won't get any buyers and you know that whole story then then the house sits and could become devalued as a result so so we step into the shoes of the of the of earnest in this case and and tried you as equally good a job as he would to get the best price for the beneficiaries all right and then the final question this is this is from from my side because somebody actually asked me this the other day and I said I think so but I don't know the answer if we already have a will and it's all sound and chilled and the whole lot and it's being you know we've done it through the bank or we've done it through an insurance company or whatever the case may be maybe we've even gone to a lawyer and drawn up up the wall and now listening to what you've been saying I go oh don't think so can we and are we allowed to then go and say mr. bank mr.

lawyer mr. ever thank you very much but I no longer wish my will to be held with you and then approach like a capital legacy and say okay guys you said you can draw up my will for free let's go so probably if you pain for example an annual safe custody fee you would you would need to tell the bank then thanks but no thanks but if you're not you actually just need to do a new will with us and in the world we always say this will supersede or previous will so you don't even need to call the bank if you don't have any sort of debit order with them for the for the world the new will simply just replace it fantastic Alex we're running out of time but you're going to be joining me again next month as we continue into this series this time next month we're going to be talking about the different types of trusts that are available and this is one thing that I have no clue on and the concept of a trust is just beyond me so you're gonna have to like really talk to the lowest common denominator in me when we talk about that so we're going to be talking about trusts that are available why trusts are they worth it we're going to be talking about are they wills that are available to cover offshore assets is that something else that's another entire sort of can of worms there so we've we certainly got higher grades I'll be sure to to take it down to the nominator if David can understand it then most people will be happy so listen if you've got any questions that are related to trusts or offshore wills that you'd like Alex to talk about and to cover please send an email to what's involved that's W a TTS involved at capital legacy dot CEO dot Z a and ask your questions there when we get Alex on air again we'll see how many of those questions we can get answered for you I think this is cool because normally you know these type of consultations with cost around or two and then this is just something that you guys are doing because you're so passionate about it yeah absolutely absolutely and yeah so just to remind on the listeners if you do want to check us out or get in touch you can simply visit us at capital legacy that's it is a drop us your your phone number and that will arrange for someone to chat to you okay and the nice thing is that you guys do those consultations either online in person or on the phone so very easy and convenient and how long does it take to get through this so we recommend we recommend an hour David we think an hour will always give us the full value and not take any unnecessary time and yeah and that's how you will and you'll be in a better position with regards to your fees and you can go home and and sit at the table with some peace of mind wonderful stuff Alex thank you so much for taking the time out I know that you are incredibly busy but I do appreciate it we'll chat to you again next month fantastic thanks David join it there we go that was my special guest Alex Simeonides CEO of capital legacy just a quick quick reminder that if you would like to have any questions regarding trusts or the types of rules available for your offshore assets then just send those questions to what's involved at capitallegacy.co.za and I'll get Alex to answer as many as we can wraps it up for this edition and to each and every one of you look after yourselves take care and thank you for listening thanks for listening to what's involved we hope this episode inspires you to find your passion and live your dream don't forget to rate review and share the podcast and to see what's happening what's going on and what's coming follow what's involved on Facebook and Twitter and what's involved thanks again for listening