Job Description
Job Overview The Trust-Estate Officer will be responsible for administering a book of fiduciary accounts (trusts and estates) and develop relationships with beneficiaries and advisors to carry out the firms fiduciary duties and provide superior client service.
Job Description Responsibilities include but are not limited to: - Oversee proper administration of trust and estate accounts to ensure compliance with all regulatory rules, regulations, laws, and bank policy and procedures.
- Trust administration including review synopsis and administration of the trust in accordance with the governing document; perform annual reviews, clear and professional correspondence with beneficiaries, attorneys, accountants, and other interested parties; review of required tax filings; oversee and facilitate the termination and distribution of assets upon occurrence of a terminating event.
- Estate administration including review and synopsis of documents, clear and professional correspondence with beneficiaries, attorneys, accountants, and other interested parties; collection, valuation of estate assets; management of assets; coordination of the preparation and filing of estate and income tax returns, preparation of accounting and distribution of assets.
- Partner with Valley Wealth Management (VWM) advisors for Investment management and oversight, including establishment of investment objective and target asset allocation for each account, and periodic assessment to assure each account is managed pursuant to its objectives and is in line with its targets.
- Analyze trust documents for administrative, legal, tax, and investment issues and escalate to management when appropriate.
- Responsible for large securities litigation settlement accounts, including preparation of accounting, wires, purchase, and sale of securities and T-bills using internal vendor system or partnering with broker/dealer affiliate.
- Responsible for the trading of corporate and municipal bonds and equities trades using internal vendor system or partnering with broker/dealer affiliate. Maintain and monitor list for TIC (Trust Investment Committee) review.
- Monitor proxy voting through Broadridge(software) and present at TAC (Trust Administrative Committee) meeting.
- Administer Investment Management, Custody, Corporate Trust, and Escrow accounts.
- Knowledge of internal processes and procedures for account pre-acceptance, account opening/closing/and maintenance, investment process including annual regulatory and administrative reviews, and other administrative processes.
- Develop and retain new business opportunities by deepening existing relationships and through external professional advisor community with whom the employee interacts.
Requirements Required Skills: - Ability to arrange valuations of real estate, payment of all administration expenses, and know how to read fiduciary accounting.
- Strong verbal and written communication skills.
- Must be comfortable and capable of holding intelligent conversations with attorneys, accountants, and other intermediaries, including family members.
- Must have the confidence and ability to identify potential issues, solutions, and carry out the steps needed, working independently, to clear up most issues.
- Ability to properly interpret the terms of the legal documents (wills, trusts and court papers) and carry out the duties for which the Bank is appointed Trustee, Executor, Guardian of the assets, Custodian, Escrow Agent, Investment Manager, or Investment Advisor.
- The Trust Officer spends a significant amount of time on personal development and training.
- Familiarity with fiduciary products and services, including personal income tax returns, fiduciary income tax returns, and estate returns.
Required Skills: - Ability to arrange valuations of real estate, payment of all administration expenses, and know how to read fiduciary accounting.
- Strong verbal and written communication skills.
- Must be comfortable and capable of holding intelligent conversations with attorneys, accountants, and other intermediaries, including family members.
- Must have the confidence and ability to identify potential issues, solutions, and carry out the steps needed, working independently, to clear up most issues.
- Ability to properly interpret the terms of the legal documents (wills, trusts and court papers) and carry out the duties for which the Bank is appointed Trustee, Executor, Guardian of the assets, Custodian, Escrow Agent, Investment Manager, or Investment Advisor.
Required Experience: - High School diploma or GED.
- Minimum of 5 years of trust and/or estate administration.
Preferred Experience: - Bachelor's degree.
- CTFA (Certified Trust and Financial Advisor).
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