Graduate Internship: Trust and Estate Law

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

Ensure that all activities and duties are carried out in full compliance with

regulatory requirements, Enterprise-Wide Risk Management Framework and internal Absa Policies and Policy Standards. Understand and manage risks and risk events (incidents) relevant to the role.

Job Description:


To administer deceased estates ranking from normal to more complex estates which might involve Capital Gain Tax and Estate Duty.


Outputs to deliver this accountability:

  • Receive completed deceased estate reporting documents from the Fiduciary Consultants and or Lean system and make telephonic contact with the client.
  • Manual intake of estates.
  • 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.

Accountability:
Customer service (30%)

Outputs to deliver this accountability:

  • 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.
  • Be knowledgeable on the Estate Administration Act, in order to comply with all the legal aspects in deceased estates.

Accountability:
Compliance (10%)

  • Outputs to deliver this accountability:
  • Adhere to ABSA compliance requirements and industry related legislations in order to maintain a high standard of service
  • Adhere to business processes and controls practice; non‐adherence may lead to disciplinary actions
  • Complete all compulsory compliance and legislation training within the required timeframes as prescribed by Absa Risk
  • Adhere to risk and compliance policies in terms of Environmental Health and Safety, Information Security, Records Management and Money Launde

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