Estate Settlement and Terminations Administrator

City National Bank • Wilmington, DE

12d

About The Position

Provide critical administrative and asset marshalling support to Estate Settlement Team in all phases of estates and trust settlement for a variety of impacted accounts including testamentary and intervivos trusts, Charitable Trusts, Estates, Administrative Trusts, Conservatorships, Guardianships, Life Insurance Trusts, Private Family Foundations, Special Needs Trusts, and Agency accounts. Perform asset inventory and marshalling functions, including working with various financial institutions and partners to facilitate transfers. Initiate death and change of ownership notifications to government agencies and credit bureaus. Handle bill pay and expense tracking functions to support accounting and tax reporting (including ET-706 and 1041 returns). Provide tracking of tax reporting requirements, including 709, 1041s with and without 645 election, state and federal estate tax returns, and inheritance tax returns. Engage in various account level system coding and transactional duties including setting up parties and initiating distributions to beneficiaries in accordance with established policies, procedures, and practices. Maintain up-to-date knowledge of account activity. Perform preliminary administrative review functions which require fiduciary understanding and field coding context. Prepare inter-department tracking reports. Assist with collection and review of key governing documents and asset information. Issue spot and proactively seek guidance on tax and administration issues. Develop and maintain relationships with clients to help execute day to day administrative and transactional functions. Provide support to the relationship team and coordinate communication with colleagues, clients, 3rd party service providers around activities and issues at the asset and trust level.
Under general guidance from Team, perform initial closing reviews of accounts ready for termination and engage in all aspects of the account termination and reporting process. Partner with internal colleagues in Tax, Fees, Operations, and Trust Administration as well as external clients (Beneficiaries, CPAs, Attorneys, Banker, Financial Advisor, Portfolio Manager, etc.) to support all settlement/closing/distribution related tasks properly and timely.

Requirements

• Bachelor's Degree or equivalent
• 7 years of experience in a financial or legal services organization
• 5 years of experience in trust and estate administration, working knowledge of fiduciary tax returns, UPIA and general accounting principals
• Microsoft Office (Word, Excel & PowerPoint)
• Ability to travel at least 25% of the time - travel is required to support estate clean outs, client meetings, and inventory/valuations across the country

Nice To Haves

• Ability to demonstrate working knowledge of trust administration is fundamental to the position.
• Professional Credentials such as Paralegal Certificate preferred. Colleague is ideally working towards Trust Certificate and/or CTFA
• Ability to gather, arrange, compile, interpret, analyze, summarize and evaluate information and data to identify opportunities and formulate conclusions and recommended actions
• Strong oral and written communication skills are required. Specifically, excellent interpersonal skills with the ability to interact effectively with all levels of CNB personnel, clients and outside contacts
• Familiarity with state tax laws, income taxation with respect to trust investment management principles
• Strong organizational skills, written and verbal communication skills
• Anticipate needs and proactively seek solutions
• Proven communication, analytical, negotiation and selling skills, coupled with computer literacy and be familiar with trust accounting systems.
• Strong attention to detail and customer service orientation
• Proven ability to work in a multi-task environment with oversight
• Works effectively within a team as well as individually
• Ability to set priorities, and objectives

Responsibilities

• Facilitate onboarding of new estate and administrative trust matters engaging with internal account opening partners to ensure timely and accurate account set up, quality checking coding on systems of record and engaging in various tracking functions.
• Interface with internal and external tax partners to identify and track return status, provide material information to support return preparation, gain tax clearance, reserve amounts and facilitate payments.
• Coordinate set up, tracking, and monitoring of tangible personal property inventory as well as supporting real estate, mineral, oil and gas, intellectual properties, and special financial assets. This may include notes, loans, partnerships, etc. Facilitate retitling and assignment of assets including royalties, residuals, intellectual property rights, promissory notes and SWA partnered assets. Track and ensure XO fees are collected timely.
• Marshall, inventory and facilitate appraisal of assets with third party software and third-party service providers.
• Project manage estate cleanout needs with Estate Officers. Research and engage service providers, perform off-site travel, oversee logistical support and act in a full-service project management role representing the Bank with professionalism, care and respect.
• Support Trust Teams in retention and development of client relationships
• Facilitate at direction of Estate Officers the distribution of assets upon termination of accounts.
• Maintain accurate logs of terminations, manage process and termination tracking steps. Engage with beneficiaries, external advisors and others to circulate settlement documents, confirm distribution instructions and handle asset transfers. Support reporting requirements to Fiduciary Advisory Committees.
• Initiate first draft administrative review of accounts. Monitor Trust closings and administrative reviews during closing cycle. Review files for completed forms, codes, review payments and transactions and for accuracy. Review forms to ensure they are consistent with the Trust Document and clear any Audits.
• Works closely with the relationship team, clients, managers/general partners/officers, operations services, attorneys, brokers, appraisers and other industry and relationship managers to facilitate activities at the asset level.
• Interface with various government agencies and beneficiaries throughout settlement process. Provide client service by responding and researching client and colleague inquires by phone, email, and written communications.
• Aid in the calculation of settlement reserves and pay settlement expenses. Assist with preparation of settlement agreements, exhibits and trust accountings in collaboration with internal and external partners including Fiduciary Officers and outside counsel for judicial and informal terminations.
• Maintain various tracking spreadsheets and logs for the group.
• Respond to clients, advisors, and intermediaries regarding the administration and maintenance of accounts
• Provide customer service to trust clients, businesses and professionals, as well as, administrative support to Officers and management.
• Interact with Real Property Managers, CPAs and Trust Counsel, Portfolio Managers, Bankers, Investment Advisors, and other bank colleagues.
• Fields phone calls from clients and intermediaries. Obtain missing documents from clients.
• Participate in meetings presentations that promote service awareness among clients, prospects, referral sources.
• Prepare and maintain accurate account and departmental documentation, files, and records.
• Assist with complicated accounts, transactions, formula gifts, documenting processes and handling projects and tasks, as assigned.
• Attend both internal and external calls, events, and meetings with clients, COI's, and service providers (as required).
• Comply fully with all Bank Operational and Wealth Management policies and procedures as well as all regulatory requirements (e.g. Bank Secrecy Act, Know Your Client, Community Reinvestment Act, Code of Conduct, etc.). Support compliance functions including audit and OCC inquiries.
• Maintain all appropriate training and continuing education requirements for both internal programs.
• Perform other related duties as assigned or directed.

Benefits

• Comprehensive healthcare coverage, including Medical, Dental and Vision plans, available the first of the month following start date
• Generous 401(k) company matching contribution
• Career Development through Tuition Reimbursement and other internal upskilling and training resources
• Valued Time Away benefits including vacation, sick and volunteer time
• Specialized health and family planning benefits including fertility benefits, and cancer, diabetes and musculoskeletal support programs
• Career Mobility support from a dedicated recruitment team
• Colleague Resource Groups to support networking and community engagement

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level