Trust Officer

Bessemer’s Delaware bank has an opening for a Trust Officer in its Wilmington office. The office supports Ultra High Net Worth clients, and has grown since its formation in 2004, to administer more than 1,650 trusts with more than $120 billion in assets under supervision.  As a result of Delaware’s unique trust laws and the related unusual assets held in these trusts, the work is heavily transactional.  The ideal candidate would be comfortable with complex transactional work and be comfortable learning advanced concepts in tax law.

 

Responsibilities:

• Work with Bessemer’s Client Advisory teams to support proper administration of an assigned book of sophisticated trusts.
• Review governing instruments (e.g. trust agreements and wills) and prepare trust analyses as part of the Initial Trust Review process; follow up on critical identified action items that remain outstanding to ensure proper trust administration.
• Review sophisticated transaction documents and participate with Estate Planners, Client Advisory teams and clients’ outside counsel and/or family offices to adjust content/structure as needed to properly implement various funding, lending and other complex transactions; draft related Direction Letters for such transactions, as needed.
• Serve as an in-house resource for trust administration questions (resolving overdrafts, guidance on actions that may/may not be permissible under the trust’s terms, identification of solutions and work-arounds for various problems as they arise, identifying and applying appropriate state and/or federal law to given situations – generally coaching and supporting Client Advisory teams to ensure correct trust administration).Prepare and/or review documents relating to the transfer of trusts to BTDel (e.g. Acceptances of Appointment, Direction Letters).
• Coach members of the Client Advisory teams in the proper account structure, funding, fees and coding related to new account opening.
• Work with Client Advisory teams to support all steps in the termination process including the preparation of informal settlement documents (Receipts and Releases).
• Review, edit, and present Discretionary Distribution and Special Investment Requests prepared by Client Advisors for presentation to Committee as part of the ongoing trust administration.
• Implement special projects in support of department and fiduciary risk management initiatives.
• Develop and present training modules and materials as assigned.
• Participate actively in firm-wide committee assignments as such opportunities are identified.

 

Qualifications:

• J.D. required
• One license to practice law preferred (Delaware law license not required)
• Excellent analytical skills and attention to detail
• Ability to learn complex concepts and adapt concepts to new facts and situations
• Strong capacity to assess and mitigate risk
• Eager to ask questions and continue to learn new concepts
• Effective organizational skills (able to handle multiple priorities)
• Good interpersonal skills and the ability to deal effectively with a wide variety of people
• Must be a team player showing both collaborative spirit and willingness to adapt to new approaches
• Excellent communication skills 
• Highly motivated and a self-starter; independent thinking encouraged
• Experience in trust administration or estate planning preferred
• Knowledge and familiarity with entity law, including LLCs, LPs, and corporations preferred
• Knowledge of income tax, estate tax, gift tax and GST tax preferred
• Knowledge of trust law, particularly Delaware trust law, preferred
• Effective computer skills: proficiency with Microsoft Word and Excel; familiarity with PowerPoint; comfortable learning new software packages (banking-related)

 

About Bessemer Trust:

Bessemer Trust is a leading multifamily office, overseeing more than $200 billion in assets for 3,000 individuals and families of substantial wealth. Its 1,200 employees are singularly focused on private wealth management — disciplined investment management, sophisticated wealth planning, comprehensive family office services, and highly personalized client service.

Established in 1907 as the family office for Annie and Henry Phipps, Bessemer Trust is in its se