Officer Trust Services

2 weeks ago

Cape Town, Western Cape, South Africa Absa Bank Limited Full time
Bring your possibility to life Define your career with us

  • With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.
Job Summary

To administer trusts including:
Testamentary Trusts, Agencies, Living Trusts and Curatorships in accordance with the Trust Mandate.

Responsible for taking all assets forming part of the trust into possession and to invest and administer these to the optimal benefit of the beneficiaries within the parameters of the Trust document and legislation.


Job Description:

Accountability:
General Administration of Trusts

Accountabilities

  • Keep abreast of knowledge and skills relevant to the area of work by reading all communication received from legal department and attending all informative sessions (updates received from legal department, broadcasts etc.)
  • Receive newly opened trust file for Testamentary or Inter Vivos Trust from

Assistant Administrator:

Trust and / or Administrator: Trust and approve that the information was captured correctly according to information in the Will or Trust Deed.


  • Prepare the letter to SARS (to register as taxpayer) and attach the trust document.
Hand this letter to register as a taxpayer to the mailing department for mailing to

SARS.

  • Prepare the first letter (welcome and informative letter) to the client according to the Trust Manual. Attach the needs analysis form to the client's letter and hand these documents to the mailing department mail to the client
  • Provide security to the Master of the High Court when needed as a requirement in the Will or as set out in the court order in the case of a third party inter vivos trust, by completing the necessary documentation. The documents to be completed will be those required by the insurance company who stands surety for Absa Trust, obtain the nominated trustee's signature and arrange for payment of the premium to the insurance company.
  • Prepare the Acceptance of Trusteeship, obtain the nominated trustee's signature and attach the other necessary documentation (which could be the existing Letters of Authority, poof of advertisement, Inventory etc.) according to the Master of the High Court's requirements to be submitted to the Master of the High Court.
  • Take responsibility for the legal operationing of the trust by diarising and following up on issuing of Letters of Authority by the Master of the High Court within reasonable time. (A trustee cannot act legally if the Letters of Authority had not been issued)
  • Arrange insurance on fixed properties according to the replacement value of the property and ensure annual payments of the premiums. (The Trust manual stipulates the process to be followed when insuring trust assets as well as the reports which are printed monthly to remind them on premiums to be paid.)
  • Arrange for the monthly rates and taxes bill to be mailed to Absa Trust and ensure payment upon receipt. Write to the different municipalities for change of address and obtain confirmation. Diarise to follow up monthly if the bills were received for payment.
  • Arrange with renting agencies to find a tenant it the Trust has a fixed property as an asset and collect the rent
  • Advertise to find a tenant if there is no renting agency involved and then prepare the necessary lease agreement and monthly on behalf of the trust obtain approval from the relevant parties (the tenant and the nominee for Absa Trust). Make practical arrangements with the tenant to ensure collection of the rent timeously. ( the receival of the rent must be followed up monthly and the Trust Officer needs to diarise if the tenant will make a direct deposit into the Trust's bank account, pay by check etc.)
  • If the Trust has other assets like furniture, cars, policies etc., ensure proper transfer into the name of the trust, and arrange insurance to minimize risk for Absa Trust or Trustees. Follow up on the payment of the premiums (annual or monthly) by working through the specific reports printed from the trust system, as indicated in the Trust manual.
  • Prepare monthly debit orders for payment of allowances on the Trust system in terms of the client's needs analysis and hand it to the Trust manager for approval.
  • Evaluate requests (i.e. allowances, school fees) received from clients according to the guidelines in the Trust manual and prepare recommendation for submission to the Trust Manager. Attach all necessary documentary proof.
  • After approval, prepare the debit order for payment of the request in accordance with the approved amount, sign the debit order and hand to the Trust Manager to cosign before handing it to the Administration department to capture.
  • Facilitate adhoc payments to clients in the same manner as the monthly allowances.
Evaluate the requests by considering the trust capital,

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