Job Title: Settlement and Termination Officer
Job Responsibilities:
- Perform estate administration and manage and settle administrative trusts includible in a decedent's estate for estate tax purposes.
- Serve as the main point of contact for all probate and non-probate estate and trust matters as assigned by the National Manager.
- Drive the settlement process by coordinating with financial advisors, attorneys, accountants, real estate, and personal property service providers to meet estate needs in a high-volume environment.
- Regularly convene and facilitate client, advisor, and family meetings to update on status.
- Identify, collect, and value assets held internally and at external financial institutions/custodians.
- Identify and pay claims and expenses in a timely manner.
- Coordinate the preparation of estate, gift, and income tax required returns, requiring strong working knowledge of federal and state estate tax applicability.
- Oversee the distribution of assets.
- Escalate risk and compliance matters and adhere to various account-level and team-level reporting duties.
- Administer the closing process for all estate and personal trust accounts, including testamentary and intervivos trusts, Charitable Trusts, Conservatorships, Guardianships, Life Insurance Trusts, Private Family Foundations, Special Needs Trusts, and other Agency accounts.
- Perform initial closing review of accounts submitted to the termination department and engage in all aspects of the account close process.
- Partner with internal department colleagues in Tax, Fees, Operations, and Trust Administration, as well as external clients (Beneficiaries, CPAs, Attorneys, Banker, Financial Advisor, Portfolio Manager, etc.) to ensure accurate and timely delivery of assets.
- Administer and interpret fiduciary accounts in accordance with applicable laws, regulations, and governing documents.
- Interact with and provide guidance to Real Property Managers, CPAs, Trust Counsel, Portfolio Managers, Bankers, Investment Advisors, and other colleagues.
- Facilitate onboarding of new estate and administrative trust matters.
- Oversee real and personal property inventories and appraisals with service providers.
- Mediate and manage beneficiary concerns regarding all types of assets.
- Complete internal reporting and task checklists timely.
- Frequent travel required for client meetings, marshalling of assets, and government office appointments.
- Oversee closing administrative review of Trust accounts.
- Manage beneficiary concerns and facilitate the appraisal of assets.
- Interface with government agencies and beneficiaries throughout the settlement process.
- Prepare settlement agreements and trust accountings in collaboration with the Office of Chief Fiduciary and outside counsel.
- Guide trust teams with termination matters subject to various legal jurisdictions.
- Partner with Closing Unit officer to maintain accurate logs of terminations.
- Engage with beneficiaries, external advisors, and others to circulate settlement documents and handle asset transfers.
- Support reporting requirements to the National Trust Administration Committee.
- Interface with the tax department to gain tax clearance and handle tax payments.
- Communicate with Tax Vendor and external accountants.
- Gather and submit pertinent facts to the Senior Trust Advisor regarding fiduciary discretion.
- Work with colleagues to develop investment strategies.
- Oversee distribution of client assets upon termination of accounts.
- Facilitate retitling of specialized assets.
- Respond to clients, advisors, and intermediaries regarding account administration.
- Maintain a proactive commitment to established programs such as CustomerFirst, Community Reinvestment Act, and Equal Employment Opportunity.
- Comply with all operational and wealth management policies and procedures as well as regulatory requirements.
- Follow Regulation 9 process.
- Maintain training and continuing education requirements for internal programs and external licenses and certifications.
Education and Experience Information:
- Required: Bachelor's Degree or equivalent, 8 years of experience in a financial or legal services organization.
- Additional: Bachelor's Degree, 10 years of experience in trust administration.
- Preferred: JD, LLM, or other legal designation/degree, Completion of Trust Certificate and/or CTFA.
Additional Qualifications:
- Proficiency in Microsoft Office (Word, Excel, PowerPoint).
- Strong oral and written communication skills.
- Ability to interact effectively with all levels of personnel, clients, and outside contacts.
- Familiarity with state tax laws and income taxation concerning trust investment management principles.
- Demonstrated strategic team player with strong organizational skills.
- Ability to anticipate needs and proactively seek solutions.
- Capability to work on multiple tasks/projects simultaneously.
- PC literate with familiarity with trust accounting systems.
Salary Information:
- Starting base salary: $101,231 - $172,355 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.
Benefits and Perks:
- Comprehensive healthcare coverage, including Medical, Dental, and Vision plans.
- Generous 401(k) company matching contribution.
- Career Development through Tuition Reimbursement and other internal training resources.
- Valued Time Away benefits including vacation, sick, and volunteer time.
- Specialized health and family planning benefits.
- Career Mobility support from a dedicated recruitment team.
- Colleague Resource Groups for networking and community engagement.
