Trust Administrator- 3633588

AMS Staffing•Cleveland, OH

29d•Onsite

About The Position

The Trust Administrator will coordinate with attorneys on the preparation of trust summaries, manage trust instruments, and communicate with clients, beneficiaries, financial institutions, and other parties regarding trust matters. This role involves requesting necessary documentation, tracking tangible personal property, preparing various tax forms and notices, and initiating trust accounting. The administrator will also be responsible for running reports, communicating basis information, assisting with asset valuations and insurance coverage, and preparing documents for property transfers. Key responsibilities include calendaring deadlines, maintaining communication within the group, and collecting information for trust accountings, trustee reports, and tax returns. The role also supports the Trustee with distributions, tax payments, investment reviews, and beneficiary meetings.

Requirements

Bachelor’s degree required

Nice To Haves

Experience with GEMS or FAS (training will be provided)
Familiarity with Centerbase
Knowledge of Form 56, Form SS-4, Form 2848
Understanding of trust accounting principles
Experience with EVP reports and date of death valuations
Familiarity with real property transfers
Experience with trust accountings, annual Trustee’s reports, and income tax returns (Forms 1041)
Experience coordinating with financial institutions, government agencies, and insurance companies
Experience assisting with asset distributions and settlement agreements

Responsibilities

Coordinate with the attorney on preparation of trust summary for file.
Confirm copy of trust instrument is in physical and digital file and coordinate with attorney’s assistant as needed to ensure documents are in file as required.
Prepare correspondence and communicate directly with the client, trust beneficiaries, financial institutions, and other parties regarding trust matters as authorized by attorney.
Request all documentation needed from client and financial institutions regarding asset information and potential liabilities.
Note location of Tangible Personal Property stored in house in Centerbase and assist with ensuring Tangible Personal Property is (1) stored appropriately, and (2) distributed in accordance with estate plan and consistent with firm policy.
Complete Form 56, any necessary requests for income, gift tax, or business returns or transcripts as instructed by attorney, prepare Form SS-4 and tax authorizations to obtain tax ID, prepare Form 2848, and any other requests for tax information.
Prepare required trust notices to beneficiaries.
Prepare Trustee acceptance and resignation documents.
Prepare Certifications of Trust.
Prepare asset and liabilities spreadsheet for tracking of the same.
Start trust accounting in GEMS or FAS. (will be trained)
Run EVP reports and other date of death valuations as needed for non-probate assets.
Communicate appropriate basis information to appropriate parties in accordance with attorney instruction and ensure appropriate step-up in cost basis occurs.
Assist in locating and making contact with qualified appraisers for valuations.
Confirm insurance coverage for trust assets.
Prepare documents for transfers of real property to and from trust as instructed by attorney.
Calendar all deadlines and reminders in conjunction with Group Probate Paralegal and Income Tax Preparer, if applicable.
Make sure income tax deadlines are on the Master Tax List.
Provide updates to Group members throughout the trust’s administration to allow necessary information sharing among assigned Group.
Meet periodically with attorney(s), Probate Paralegal, and Income Tax Preparer to ensure tasks are being completed in a timely manner and to assist as needed to ensure deadlines are met.
Collect and maintain all information for preparation of trust accountings, annual Trustee’s report, and income tax returns.
Request all backup documentation relating to trust property for estate tax return or gift tax returns, if applicable, and provide to internal and external preparer in a timely manner.
Work with financial institutions, government agencies, and insurance companies to collect necessary asset information and resolve any related issues.
Assist client in contacting financial institutions or other entities for necessary change of ownership forms and documentation to ensure transfer of assets to beneficiaries.
In conjunction with the Probate Paralegal, Income Tax Preparer, and Tax Assistant, prepare trust accountings and Forms 1041.
Prepare distribution schedule for divisions of trust assets and assist fiduciary in distributing assets as needed.
Maintain accounting records.
Assist Trustee with preparation of Distributions to beneficiaries and on their behalf (bill payment, payment of real property taxes, etc.).
Assist Trustee with preparation of Estimated income tax payments (in coordination with Income Tax Preparer and attorney).
Assist Trustee with preparation of Trustee fees.
Assist Trustee with preparation of Investment review meetings.
Assist Trustee with preparation of Meetings with beneficiaries.