Trust Administration Officer II - Special Needs Trusts

TRUST ADMINISTRATION OFFICER II - Special Needs Trusts Hybrid Schedule, Wilmington, DE. WHAT IS THE OPPORTUNITY? This is an entry level Personal Trust Officer position, responsible for administering personal trust accounts such as testamentary / intervivos trusts, foundations and agency accounts in accordance with terms specified in the trust instrument. Under general guidance from the trust team, opens and maintains estates, trusts, agency accounts and guardianships. Become familiar with the governing document to interpret terms, responsibilities and duties of the Bank. Receive guidance in understanding provisions of the documents and strategies associated with the assigned accounts. Develop and maintain relationships with clients to help execute day to day administrative functions. Maintain up-to-date knowledge of account activity by reviewing various reports. Seek guidance on tax and administration issues. What you will do

• For Trusts where CNB is trustee, reviews and revises paperwork from sales team (e.g., agreements, fee schedules, transfer proxies, receipt of assets, ensure accurate cost basis and tax acquisition dates, obtain any missing information and signatures, etc.). Make corrections and additions to ensure accuracy.
• Prepare new account paperwork, as required.
• Analyze anticipated income to insure sufficient cash is maintained to meet beneficiary distributions, banks fees, trust bills, etc.
• Obtain missing documents from clients.
• For Trust accounts, initiate annual administrative review of accounts. Review files for completed forms, codes, review payments and transactions and for accuracy. Review forms to ensure they are consistent with the Trust Document.
• Produce and review various tax reports for clients and intermediaries. Research tax deficiency notices. Pay estimated taxes and allocates tax payments between principal and income, file returns, and maintains tax calendars. Communicate with Tax Vendor and external intermediaries.
• Gather data for account reconciliation, ensuring distribution requirements are met for charitable trusts, computes distribution amounts for uni-trust accounts and reviews fee agreements between the bank, clients, and Co-Fiduciaries.
• Complete discretionary distribution requests. Submit formal requests to the Trust Officer for approval.
• Coordinate set up, tracking, and monitoring of personal property inventory; real estate, mineral, oil and gas, intellectual properties, and special financial assets. (i.e., notes, loans, partnerships, etc.)
• Provide client service by responding and researching client and colleague inquires by phone, email, and written communications.
• Respond to advisors and intermediaries regarding the administration and maintenance of accounts.
• Fields phone calls from clients and intermediaries.
• Review documents and responses to compliance department, audit and OCC inquiries after research is performed by TA.
• Gather information from clients for projects.
• Prepare draft correspondence letters and memos.
• Maintain new account logs.
• Follow appropriate Regulation 9 process.
• Maintain all appropriate training and continuing education requirements for both internal programs and external licenses and certifications.

Must-Have

Skills and Knowledge

Compensation

The preceding job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job. Benefits and Perks At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues. Get an inside look at our Benefits and Perks. ABOUT CITY NATIONAL

City National Bank, a subsidiary of Royal Bank of Canada, is the largest bank headquartered in Los Angeles with $92.03 billion in assets as of April 30, 2024. Founded in 1954, City National provides personalized banking, investment and trust services in select markets including Los Angeles, Orange County, San Diego, the San Francisco Bay Area, New York City, Nashville, Atlanta, Delaware, Las Vegas, Washington D.C. and Miami.

For more information about City National, visit cnb.com. EQUAL OPPORTUNITY EMPLOYER & REASONABLE ACCOMMODATION

City National Bank is an equal opportunity employer committed to promoting and maintaining a diverse, equitable and inclusive working environment where differences are valued and encouraged. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by the laws or regulations in the locations where we operate or in our Code of Conduct. READ MORE

If you are a qualified individual with a disability or a disabled veteran, you have the right to request a reasonable accommodation for any part of the employment process. Please contact us via email or leave a message at (213) 673-9139. These contact methods are dedicated to applicants whose disability prevents them from successfully applying online. Only messages left for this purpose will be returned. Responses may take up to two business days.

Salary : $58,766 - $93,874