Trust & Estate Administrative Associate

Salary Grade : 14

SUMMARY:

Coordinates activities primarily related to the administration of estate accounts, but also investment management accounts, personal trusts, court-ordered guardianships, and other fiduciary accounts as required in accordance with the terms of the wills, trusts, court orders, or other governing documents. Coordinates and manages all phases of estate administration including asset gathering, appraisals, tax return preparation, accounting and distributions. Actively communicates with estate beneficiaries, clients and co-fiduciaries and facilitates all of their financial dealings throughout the Bank. Seeks guidance and direction from Trust Administrative Manager, as well as Estate and Trust Officer as necessary and appropriate.

ESSENTIAL JOB FUNCTIONS/RESPONSIBILITIES:

Estate and Trust Administration

1. Coordinates activities related to the probate of wills and the administration of decedents’ estates.
2. Inventories, gathers, secures and appraises decedent’s assets and ensures appropriate investment of the same during the probate process.
3. Distributes estate assets to beneficiaries in accordance with state law and/or the decedent’s will or trust.
4. Maintains active communication with Bank colleagues, clients, beneficiaries, legal counsel and co-fiduciaries.
5. Assists Wealth Management Officer with client servicing function.
6. Monitors the resolution of client service issues.
7. Prepare client and legal communications as needed.
8. Responds to routine requests from clients regarding their accounts.
9. In absence of Wealth Management Officer, provides primary contact with clients.
10. Coordinates client bill payment, if requested by client and settles debts of the decedent
11. Coordinates on demand distribution requests, future dated or recurring distribution requests with Operations.
12. Coordinates with operations team to schedule retirement distributions.
13. Tax – Coordination both internally and externally to ensure tax preparation is completed for agency, fiduciary and paid preparers. Follow up coordination to ensure amounts due and quarterly tax estimates are submitted appropriately and in a timely fashion.
14. Assists clients with online account access issues.
15. Works with CC5 retail and operations to provide full customer service to client.
16. Collaborates with colleagues in WMS and outside vendors regarding the client experience.
17. Works cooperatively with other members of WMS and is willing to extend themselves beyond the general demands of the position. Exhibits an ongoing concern for the business success of the organization as a whole.
18. Provides any support necessary to promote and facilitate the acquisition of new customers for the Bank.

Operational Functions

1. Interacts with colleagues in Trust and Asset Management Department as well as external contacts, such as accountants, attorneys, clients and beneficiaries.
2. Assists by gathering and providing account opening documentation for new accounts to be opened on various systems, initiates and coordinates all administrative duties associated with new and existing trust, estate, asset management and custody accounts.
3. Verifies account set-up and service for accuracy and completeness; researches problems and prepares corrections related to set-up.
4. Communicates with appropriate internal and external personnel to ensure account information is processed within scheduled timeframes; researches and resolves any discrepancies.
5. Reviews accounts for system compatibility and ensures all information is present and usable from a systems perspective; Helps develop creative solutions to system constraints.
6. Supports the Departments online portal. Resets client passwords when they are locked or expired. Troubleshoots client hardware and software issues.
7. Ensures that all necessary client documentation is completed according to policy guidelines.
8. Gathers and delivers data required for the preparation of tax returns.
9. Coordinates the distribution, delivery and transfer of assets.
10. Coordinates the delivery of client statements and other periodic reports.
11. Reviews daily, intra-day and monthly reports to monitor account cash.
12. Performs task associated with retail or TAM operations projects.
13. Other duties as assigned by supervisor.
14. Review daily reports for accuracy and ensure tasks are completed from previous day
15. Review daily cash movement in Trust system morning and afternoon for each client to ensure cash availability

Relationship Management and Development

1. Establishes network of appropriate contacts (i.e. CPA’s, attorneys, financial planners, community leaders, etc.) to help ensure that new business accrues to the Bank.
2. Assists in the education of Bank employees in order to encourage the identification and referral of qualified prospects to the department.
3. Participates in meetings with prospects and clients to acquire new business for the Bank and aid in the retention of existing clients.
4. As opportunities arise, promote additional products and services to existing or prospective customers.
5. Actively participates in community and professional organizations.

Investments

Works with investment officers to direct and coordinate liquidation of assets in order to meet estate and trust obligations, payment of debts, taxes and administration expenses, as well as the collection of earnings, dividends, or proceeds from sales of assets.

Compliance

1. Maintains current knowledge and understanding of legal, tax and/or legislative changes that affect trust activities.
2. Maintains working knowledge of various types of fiduciary relationships and activities that are essential to day-to-day account administration.
3. Maintains knowledge of trustee responsibilities relative to ethical issues

Team Collaboration

1. Participates on various committees on behalf of the business unit. Provides input and advice on business issues.
2. Provides any support necessary to promote and support the acquisition of new clients at the Bank.
3. Supports the efforts of senior management and other department managers in team building with other internal customer contact areas.

EDUCATION, CERTIFICATIONS: (Minimum education required to perform the duties of this position):

• Bachelor’s Degree
• Advanced trust school or other professional certifications preferred include: CTFA, CPA, CFP, and/or FPQP®
• Notary Public

KNOWLEDGE, SKILLS & ABILITIES:

• General knowledge of Estate or Trust Administrator in a bank trust department or wealth management department or related banking experience.
• General knowledge of the financial markets and the ability to communicate that knowledge effectively to clients and prospects.
• An intermediate knowledge and skill level of computer applications and a desire to learn new applications in support of departmental operations.
• Commitment to continuing education and development required.
• Notary Public a plus.
• Excellent interpersonal skills.
• Exceptional customer service and ethics.

COMPETENCIES:

• Must have cyber security awareness to protect the digital environment, the Bank, and customers.
• Business Acumen
• Culture/Guest/Customer Service Ambassador
• Sound Judgment
• Delegation
• Technology Enthusiast/Early Adopter
• Problem Solving
• Excellent Verbal and Written Communication Skills
• Critical Thinking Skills
• Financial Comprehension
• Learning Agility
• Entrepreneurial competencies