Trust Administrator - Associate

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Trust Administrator - Associate
The candidate will work under the supervision of a Senior Trust Officer, the Trust Administrator manages trust and estate accounts in accordance with the Bank's fiduciary responsibilities as trustee and executor. The job duties include: Interpret the governing instrument and applicable law in order to establish account records, including payment and fee schedules. Write to beneficiaries and co-fiduciaries to outline administrative procedures. Respond to client issues, anticipate client needs, and prepare for and participate in client meetings with Trust Manager. Work with the Tax Department and counsel on income, gift, estate, and generation skipping taxes for the trust/estate and its beneficiaries. Respond to requests from beneficiaries for discretionary distributions. Submit memoranda to Trust and Investment Committee for approval. Confer with co-trustee (if any) to obtain his/her approval. Communicate decision to client and follow-up with the request as necessary. Oversee work performed by various Private Banking operational groups to ensure the smooth operation of the trust and estate accounts. Communicate with portfolio managers regarding investment objectives and liquidity needs. Handle departmental projects relating to accounts and special assets. Participate on various committees as needed. Responsibilities in the administration of estates: - Identify, collect and secure decedent's tangible and intangible assets. Assist in coordinating appraisals of personal property with auction houses and estate liquidators. Arrange for estate tax valuations. Notify beneficiaries of provisions of Will, determine beneficiaries' preferences with regard to the form of distributions, satisfy specific bequests and establish testamentary trusts. Organize estate records and valuations for use by Counsel in preparation of death tax returns. Review death tax returns upon completion. Gather information requested by I.R.S. for an estate tax audit and attend meeting with auditor(s). Coordinate with Counsel in regard to preparation of an accounting, Receipt and Releases or court filings for judicial settlement; Coordinate final distributions and closure of account. Responsibilities in the settlement of trusts: Coordinate flow of work relative to terminating accounts with internal departments. Write to remaindermen, executors and trust counsel outlining trust dispositive provisions and termination procedures for distribution of assets. Determine type of distribution and method of accounting with counsel and remaindermen. Review or prepare Letter Agreements/Receipt and Release Agreements and/or court filings and oversee the preparation and review of accountings. Coordinate final distributions and closure of account. Must have 2 years Trust experience. International trust administration experience a plus; Trusts & Estates paralegal experience preferred. Must have College degree and JD preferred. Must have solid understanding of related legal, tax and financial concepts also preferred.

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