Manager, Estates CPT
Stanbic IBTC Bank
Cape Town, Western Cape, South Africa
33d ago

Job Purpose

To manage the estates department and monitor the end-to-end administration process of deceased estates 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.
  • You are accountable for the end to end administration processes for all estates in which you are appointed as executor and any other estates administered by staff in your team.
  • 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 increase productivity and process flow by executing duties 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.
  • Continuous monitoring of overdue estates or estates to become overdue.
  • Monitor progress of all staff and estates allocated to staff in your team by full use of legalease reports.
  • Ensure all actions are within guidelines set out in GRG and that it complies without failure to all the relevant legislation with which we deal.
  • Quarterly reconciliations of estate securities as per GRG.
  • Notification and Allocation

  • Receive documents pertaining to a new estate and analyse complexity and allocate the estate to an Estate Officer with the necessary skill level to ensure that the administration process can proceed.
  • Allocation of new estates to relevant officer within a day of receiving the estate.

  • Estates are to be allocated after referral of same to Regional Manager, Estates.
  • Estate assets are adequately insured and where possible umbrella insurance from SBIB is affected.
  • Interview and Reporting

  • Quality assure that the estate file contents for correctness and compliance of will interpretation and statutory requirements and sign off documentation thereby complying with the Estate Administration Act.
  • Interviews and estates reported within the set timeframes and if not to annotate reason for not doing so under progress codes.
  • Interviews are efficiently set up and the actual interview takes place within 10 days of notification of death.
  • 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 in accordance with GRG.
  • Follow Up

  • Ensure that heirs are given a written status report at least once a month.
  • Check the submission of income tax returns and sign off correctly completed returns to comply with regulation.
  • Check if estate assets such as motor vehicles can be transferred at this point.
  • Checking of various monthly reports to see that direct reports are on track, e.g. Sec 29 adverts placed, LoE outstanding.
  • Monthly / quarterly one on one reviews with officers.
  • Final release of all payments to creditors after careful consideration and in terms of a liquidation account of final cash statement.
  • Ensure that adequate diary notes are made on legalease for important milestones.
  • Check previous file review notes to see if they have been actioned.
  • Using legalease reports monthly do a quick run through to ensure that information coming in is being captured.
  • File review notes are reviewed and accurately actioned daily.
  • All information followed up, collected and captured within 270 days from date of reporting of the estate to place Estate Officer in a position to lodge the liquidation and distribution account.
  • Ensure all data collected and captured as efficiently as possible to enable the Estate Officer to lodge final liquidation and distribution account within the time frames set out in their key performance measures.
  • Heirs full names, address and telephone details are captured correctly on legalease.
  • Liquidation and Distribution Account

  • Check the liquidation and distribution account end-to-end and sign off on correctly completed accounts to enable the efficient finalisation of the estate process.
  • Check the cash reconciliation for correctness and the capital contributions / liabilities.
  • Make sure the Will has been interpreted correctly and the account reflects the correct information.
  • Sign off liquidation and distribution account once you are satisfied that it is correct and fully compliant. All fees are correctly reflected and the correct heirs are reflected.
  • Liquidation and distribution accounts are despatched to all relevant parties within 2 days.
  • Give the estate executive / officer the authority to advertise the account if it complies with STL internal guidelines.
  • The relevant progress codes are ticked for accounts and adverts.
  • Distribution

  • Check the final cash distribution statement for correctness and release final CATS payments in order to comply with the Estates Administration Act.
  • Sign off the final distribution and CATS entries once all correct and compliant.
  • Ensure to see what assets, if any, have not yet been distributed and the reason why.
  • Ensure all remaining assets are transferred and all outstanding creditors are paid.
  • Ensure all distributions and transfers are done within 55 days of the Section 35(5) advertisement having expired, free from objection
  • Archive

  • Check that the estate has been effectively and efficiently administered as per GRG thereby ensuring that all assets have been transferred, creditors and heirs paid and in so doing complying with the Estate Administration Act.
  • Make sure all bank accounts are Nil and closed, that includes all sub cash books on Legalease.
  • All information / documentation is attached to the necessary form for you to archive the matter and place the file in old records.
  • The necessary form has been signed by the officers.

  • Archive the estate within 20 days of the distribution having been finalised.
  • Record archive "no" if a 5 or 20 year file.
  • Human Resource Management

    Manage the human resources function for the team to ensure satisfied staff and productive teams to include :

    a. Records and administration

    b. Approving staff leave

    c. Participating in selection and recruitment

    d. On-the-job coaching and mentoring of staff

    e. Managing performance of staff

    Financial Management

    Manage and monitor income budget for own team to attain achieve set financial targets. Based on the milestones and weightings as per the Revenue recognition document.

    Operations Management

  • Plan and manage productivity in order to attain process times and to achieve set targets.
  • Manage teams and relationships that lead to improved productivity.

    Preferred Qualification and Experience

  • Matric or equivalent
  • LLB or commerce degree
  • Certificate in deceased estates
  • Knowledge / Technical Skills / Expertise

  • 5-7 Years experience administering deceased estates with a Trust company or large firm of attorneys who have a dedicated estate department.
  • 5-7 Years experience administering deceased estates with a firm of attorneys or having controlled estates for this period at the Master of the High Court
  • 3-4 Years leading a team of staff administering estates for a Trust company
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