Officer Trust Services at Absa South Africa

Job Summary

To process financial transactions accurately and timeously through the execution of predefined objectives as per agreed standard operating procedures (SOPs).

Job Description

General Administration of Trusts

• 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 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.
• 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 mail to the client
• Provide security to the Master of the High Court when needed as a requirement 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 operations of the trust by diarizing 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 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 receipt 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 co-sign before handing it to the Administration department to capture.
• Facilitate ad-hoc payments to clients in the same manner as the monthly allowances.
• Evaluate the requests by considering the trust capital, termination date of the trust, client's circumstances etc.; as guided in the Trust manual.
• Facilitate all correspondence to clients via letter, sms, e-mail.
• Handle daily incoming and outgoing mail, faxes, e-mails and telephone enquiries from clients, municipalities, brokers, insurance companies etc. (all people or institutions who need to communicate with Absa Trust as Trustee of the trust)
• Revise investment portfolios regularly (as per the Trust Manual) to ensure that the investment policy is being adhered to.
• Ensure liquidity of funds by timeously arranging for investments to be realized.
• Withdraw funds from the money market by liaising with the investment managers.
• Calculate the fees to be taken and give instructions to the administration department for collection of all fees to which Absa Trust is entitled; i.e. Acceptance fees, Distribution fees, Management fees, Income tax fees
• Conduct general filing of correspondence, yearend statements and returned

Certificates of Maintenance.

• Prepare termination statements of the trusts to be terminated and verify the
  calculations made of the trust capital available and amount available for distribution according to the trust system. (There is no draft and the information is available on the trust system.) Give instructions to the administration for final payments of trust capital to be paid out to clients via debit order.
• Prepare final letters and the receipt to clients so that they can acknowledge receipt of their inheritance from the trust
• Hand over terminated file to Assistant Trust Officer prepare for binding and storage in strong room.

Qualifications

• Min requirement is a qualification in legal studies or social science or finance
• RE qualification would be advantageous

Experience:

• Minimum of 3 years’ experience in the relevant industry