Estates Officer - Cape Town x2
Standard Bank
Cape Town
1d ago

Job Purpose

Front Line Service and Administration

To manage and administer a section of estates (end to end process) and is aligned to the specific requirements of the :

  • STL strategy and vision
  • Group Reference Guide
  • legislation, as well as
  • the values and ethics underpinning all staff within Standard Bank.
  • Effective execution of the job role will :

  • ensure that the process complies with internal and external regulatory frameworks
  • contribute to efficient and effective systems and processes
  • enhance the customer service experience and contribute to a lasting relationship with the Standard Bank group.
  • enable the process which allows the effective delivery to shareholders in line with the STL strategy.
  • Key Responsibilities / Accountabilities

    Estate Process

  • Ensure that the end to end process is driven by milestones.
  • Ensure that you communicate with all heirs in writing on attaining each milestone and / or a monthly basis giving them an update on the status of the estate.
  • To improve quality relationships as a core function of the job as it pertains to internal and external stakeholders.
  • To reduce operating costs efficiently as is possible given the situational dynamics and the prevailing process.
  • To enhance the customer experience in all dealings with current and prospective Bank customer.
  • To contribute to sales by identifying and escalating sales opportunities to Trust and estate planners for onward transmission to SBFC / Liberty.
  • To increase productivity and process flow by executing duties immediately upon being able to do so, efficiently and effectively.
  • To improve economic profit by contributing to the effective estate administration process enabling STL to recover their executors commission as soon as is legally possible.
  • To achieve ultimate conformance with the rules and regulations contained in the GRG and regulatory framework.
  • Monthly promises are provided to management on time and that careful thought is given to what you are planning to do.
  • Ensure that you do physical follow up work of the more difficult and technical issues.
  • As estate consultant the responsibility and accountability to ensure that this estate is administered end to end rests with you and not anybody else.
  • To ensure that daily / weekly filing is done
  • Notification and Allocation

  • Making contact with client to set up the initial interview and ensure that the client is informed of the documentation and information to bring to the interview.
  • On receipt of the estate read the Will to make sure you understand the devolution and there are no difficulties prior to contacting clients.
  • Interview and Reporting

  • Interview :
  • Prepare and conduct the interview with the client completing the necessary documentation, taking / receiving the necessary copies and originals explaining and questioning with tact and respect.
  • Interviews are efficiently set up and the actual interview takes place within 10 days of notification of death.
  • Reporting :

  • Preparing, actioning and monitoring the reporting of the estate to all stakeholders in order to execute the end to end process.
  • Estates are reported within 5 days of the initial interview and acceptance of trust and all letters and information to be sent out within 10 days of the initial interview.
  • Estates to be fully and effectively reported according to GRG requirements.
  • Ensure that the estates assets are adequately insured to eliminate risks for heirs and STL.
  • Check if consultant s details are loaded correctly (It affects SMSs and Pay-aways
  • Follow Up

  • Monitor and control the follow up process by actioning the daily file reviews and diary notes.
  • Prepare and for rendition of income tax on E-filing and ensure sign off by executor before final submission to SARS on E-filing. (As an exception)
  • As the norm provide tax practitioner with the required information
  • File review notes are made on Legalease and reviewed and accurately actioned daily by responsible party.
  • All information followed up, collected and captured within 270 days from date of reporting of the estate so that you are in a position to lodge the liquidation and distribution account.
  • Ensure all data collected (and captured correctly and as efficiently as possible) to enable you to draft and lodge final liquidation and distribution account within the time frames set out in your key performance measures.
  • Make sure that any assets that can be transferred at this stage are done so, eg. motor vehicles.
  • Liquidation and Distribution Account

  • Plan and draft the liquidation and distribution account, initial the account and submit same for approval by executor to comply with the regulatory framework and to inform heirs of inheritance.
  • Reconcile the liquidation and distribution account accurately and sign same before submitting for approval by executor.
  • Ensure that signed copies of the liquidation and distribution account are submitted to the regulatory bodies and heirs within two days of sign off by executor.
  • Ensure that the necessary adverts are placed.
  • Liquidation and distribution accounts are despatched to all relevant parties within 2 days of you signing same.
  • Ensure that any advertisements are placed as soon as the liquidation and distribution account has been signed by you.
  • Instructions are given to the administrators to stop the service fees when a final account has been drafted.
  • Finance :
  • Reconcile the liquidation and distribution account and prepare final cash reconciliation statement for submission for line manager for sign off and approval in order to comply with the internal and external regulatory framework.
  • Make sure that no monies are being distributed to the correct heirs and into their respective bank accounts.
  • Ensure that copies are sent to heirs and regulatory bodies as needed.
  • Distribute inheritances to heirs, transfer all remaining assets and pay all outstanding creditors within 55 days of the Section 35(5) advertisement having expired, free from objection.
  • Ensure that all payments are made to the correct parties and into the bank accounts of the correct parties.
  • Monitor bank account balances and make sure they are closed within 2 days of bank account reflecting a nil balance.
  • Ensure that all heirs are informed of payouts and final cash statements are sent to the relevant parties.
  • Ensure that provision is made for any umbrella insurance premiums before distributing the estate.
  • Ensure that provision is made for the bank charges before distributing the estate.
  • Archive

  • Take the necessary steps to archive the estate in order to complete the estate administration process.
  • Archive the estate within 20 days of the distribution having been finalised.
  • Ensure that all insurance has either been cancelled or transferred to the heir.
  • Revenue Recognition Budget

    Minimum Qualification and Experience

  • Matric
  • Diploma in Administration of Deceased Estates
  • Experience

  • 3 - 5 years experience Administering deceased estates with a Trust company or large firm of attorneys who have a dedicated estate department.
  • 3 - 5 years experience Administering deceased estates with a firm of attorneys or having controlled estates for this period at the Master of the High Court
  • Additional

  • The Standard Bank Group has implemented a Vaccination Policy for all roles which require the incumbent to work from the Standard Bank premises on a full-time or intermittent basis.
  • Full vaccination against COVID-19 is therefore an inherent requirement of this role.

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