Senior Estate Settlement Officer

Description

The Senior Estate Settlement Officer is accountable for the administration of a book of probate estates and deceased grantor trusts of varying complexity in a fast-paced, high-volume environment. Administration of these accounts includes coordination with external partners (Attorneys, CPAs), and internal support partners (compliance, investments, and operations) to ensure accurate, timely and efficient administration, and to manage risk. The position requires technical experience and knowledge in estate administration, in-depth knowledge of regulatory and compliance requirements, and estate and tax requirements. This position is responsible for conducting necessary administration functions and regular personalized service to clients, beneficiaries, and financial representatives. 

Administration includes providing high-quality service to clients/beneficiaries (and PWAs) and developing new relationships to promote the growth and profitability of the Estate Settlement Division. 

Principal Accountabilities:

Operations: 30%

• Coordinate up-front investigation, gathering of support documentation and decision making/analysis to inform the estate settlement process.
• Direct Operations for account opening characteristics, appropriate asset valuation, booking and maintaining of inventories for fee calculations and Court and beneficiary accountings.
• Direct Operations with regard to appropriate fee collection to coincide with tax filings and internal budget/cash flow processes.
• Coordinate the collection and review of tax records for decedents; work with tax partner and/or outside tax advisors and trust counsel to identify tax requirements, oversee gathering of appropriate information to resolve tax issues, and secure tax clearance. This entails coordination of individual income tax requirements, fiduciary income taxation, estate taxation, and the Generation Skipping Transfer Tax.
• Oversee investment decisions to include working with tax advisors for cost basis treatment and Investment Officer to protect principal during settlement phase as well as establish an appropriate portfolio for ongoing Trust shares.
• Initiate and review trust accountings required for judicial and informal settlement proceedings.

Client and Advisor Communications: 30%

• Communicate with interested parties. Address questions raised by beneficiaries, co-trustees, trust counsel, counsel for beneficiaries, and financial advisors for beneficiaries.
• Respond to client needs and concerns identified by effective interaction with them, their advisors and where applicable co-trustees.
• Conduct strategy meetings and coordinate communications among internal partners (operations team members, portfolio managers, and fiduciary advisors) to ensure seamless information flow and achieve settlement milestones.
• Build and maintain relationships with external business partners (Attorneys, CPAs, and Attorneys General Offices) to support relevant estate, gift tax and trust reporting requirements that are triggered by the disposition of assets in a terminating trust. 
• Maintain high quality communication with individual and charitable beneficiaries with a focus on client satisfaction and asset retention, as appropriate.

Risk/Asset Management: 25%

• Timely and accurate interpretation and implementation of provisions in governing instruments that relate to the disposition of trust and estate assets. 
• Ensure account administration is carried out in compliance with defined policies, procedures and audit standards.
• Identify and address trust owned Real Estate holdings, as well as coordinate with outside advisors including Real Estate Agents, property managers and Legal counsel to review, execute, and implement process for securing appraisals where appropriate, retaining property managers for income producing property, coordinating maintenance and upkeep of property, ensuring and collecting proper documentation for insurance coverage, payment of real estate taxes, etc., and maintaining ongoing communications to ensure all work is timely and in good order.
• Review, organize and maintain real estate and corresponding insurance records.
• Identify and log status of outstanding tax filings for Estates and Decedents.
• Participate in Trust & Estate Management Subcommittee activities to identify, avoid or minimize any unusual risk that might be incurred in connection with the terminating event consistent with applicable policies and procedures.
• Initiating, coordinating and obtaining adequate and appropriate release from liability.

Legal Document Review: 10%

• Review, interpret and apply the terms of the governing t