Specialist Estate Administrator

2 weeks ago

Pretoria, Gauteng, 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 prepare specialist operations information for all stakeholders of the business for informed decision making and to support the business.


Job Description:


To administer the Deceased Estates of high-net worth clients in respect of Estates over R5 million and above complicated Estates which involve Capital Gain, Estate Duty, Farms & Companies.


Administration of deceased estates:

  • Receive leads from Fiduciary Consultants within Absa Trust / Brokers and/or incoming
mail from the Absa bank branches or phone in clients on high-net worth clients /

Private Bank that require assistance in processing Deceased Estate.

  • Arrange meetings with clients to personally discuss the Deceased Estate and establish
the asset value, profile and liabilities by taking an inventory of all assets the deceased

held at the date of death. This information can only be obtained from the family of the deceased at the initial meeting

Analyse the content of the Will to establish whether it is executable or not (e.g. Farm

property bequeathed to more than one person, this is not possible in terms of the Act 70

of After analysing the Will consider possible solutions and make suggestions to

the client (i.e. Redistribution agreement, Close Corporations, Companies / Deed of

Election / Possible cash shortfall, Estate duty payable, possible Capital Gains Tax

implications).

  • Report the deceased estate to all relevant stakeholders via written correspondence,
newspaper and Government Gazette (Master of the High Court, SARS, banks, insurance

companies, auditors), to obtain Letters of Executorships, certificate of balance,

evaluations of shares, deeds search, outstanding tax returns, membership of interest in

close corporation. (In terms of the Estate Administrations Act the executor cannot

administer an estate until they are in receipt of this documentation).

  • On receipt of Letter of Executorship from the Master of the High Court; advertise (e.g.
advertise in the local newspaper and Government Gazette) and for any debtors /

creditors (section 29 notification) in respect of the estate late to submit their claims

within thirty days of date of advertisement.

  • Receive all relevant information as requested by the various stakeholders and start
redeeming and transferring assets e.g. all assets in the name of the deceased which

cannot be transferred must be redeemed and it is dependable on the instructions from

the heirs / cash shortfall on the estate.

  • Draft the liquidation and distribution account to reveal the true reflection of all the
assets and liabilities as at date of death and submit any outstanding tax returns to SARS.

  • Advertise (for twenty one (21) days) the Liquidation and Distribution account (section 5
notification) in the local newspaper / Government Gazette and with the Magistrate in

the district were the deceased resided twelve (12) months prior to date of death and

lodge the Liquidation and Distribution account with the Master of the High Court to

attain approvals on the account / estate duty assessment to ensure the executor has

adhered to its duties in terms of the Will.

  • Instruct the Absa panel attorneys on the expiry date of the advertisement to lodge the
transfer documents with the Deeds Office to transfer fixed property into the heirs names

and ensure completion thereof.

  • Obtain final tax assessment from SARS and finalise the deceased estate, by paying out
the amount previously reserved in the cash statement for finalisation of the estate.

  • Achieve set target as set out by management at the beginning of the year by taking in
the executor's fees within the company norms.

  • Ensure that all post (incoming mail, fax and correspondence) and filing is up to date as
per the company norms (three days turnaround time) and report any irregularities (e.g.

backlog of filing / post) to management timeously.

Keep clients updated on progress of the estate by reporting on a monthly basis

(telephonically, written correspondence, etc) in a professional manner to ensure that a high

standard of customer service is given.

Maintain a high standard of service during the administration process without any

supervision, by providing excellent customer service and immediate attention to client needs

  • Build and maintain a relationship with various stakeholders (i.e. valuators, auctioneers,
attorneys, Master of the High Court, South African Revenue Service) by continuously

engaging and ensuring satisfactory client service and good relations

  • Ensure that queries do not turn into complaints by addressing these within a period of
twenty four hours.

Adh

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