Senior Manager, Trust Settlement

Your Opportunity

At Schwab, you’re empowered to make an impact on your career. Here, innovative thought meets creative problem solving, helping us “challenge the status quo” and transform the finance industry together.

We believe in the importance of in-office collaboration and fully intend for the selected candidate for this role to work on site in the specified location.

Schwab’s Personal Trust Services (PTS) organization provides personal trust products and services to Schwab clients, including individual investors, beneficiaries, RIAs, and corporate fiduciaries. PTS products and services are provided through Charles Schwab Trust Company, Charles Schwab Trust Company of Delaware, and Charles Schwab & Co., and include fiduciary trust administration, investment management, directed trustee, trusteed IRA, agent for trustee, trust reporting, and trust outsourcing.

The Senior Manager is a senior fiduciary role responsible for the administration and oversight of the transitional phase associated with a personal trust and the death of the grantor or beneficiary.  The Senior Trust Officer assures compliance with all Trust Companies policies and procedures, as well as all applicable state and federal banking regulations in the context of their responsibilities.

Unleash your expertise: what you’re good at

• Overseeing the inventory and collection of trust assets.

• Coordinating the payment of any outstanding income, gift, and estate taxes due.

• Researching any outstanding debts of the decedent to determine any amounts that should be paid from the trust.

• Creating plans of distribution and funding including but not limited to distributing specific bequests, dividing remaining assets into separate trust shares, and making outright distributions to beneficiaries.

• Acting as liaison with estate attorney, executor, or personal representative.

• Coordinating the preparation of any necessary estate and GST filings with tax vendor.

• Coordinating the preparation of Receipt, Release and Refunding documents related to the trust termination.

• Coordinating the preparation of any other estate notices as required by applicable state law.

• Coordinating with Executor on determination of need for step-up in basis as well as applicable valuation date. 

• Work closely with the Trust Officer and Tax Manager assigned to any resulting trust shares.

• Working with Senior Tax Manager on special elections including but not limited to 645 Election, QSST, and ESBT.

• Interpreting legal documents to ensure that each trust is administered in accordance with the terms of each governing instrument.

• Maintaining high client service levels through prompt research and responsiveness to trust beneficiaries and other centers of influence.

• Presenting discretionary memorandums for review and approval of the Discretionary Distributions Committee.

• Documenting directed distributions for the administrative file and for internal review.

• Providing notice of termination for terminating trusts and process related termination efforts in accordance with Administrative procedure.

• Ensuring proper receipt of and accounting for miscellaneous assets in established trust accounts. 

• Overseeing the sale of real estate and disposition of qualified plan assets, and other non-standard assets.

• Performing Post Acceptance and Annual administrative account reviews for assigned accounts.

• Approving the final closing of settlement and terminating accounts.

• Attending and presenting to committees where needed.

• Participating in special projects as needed.

SUPERVISORY RESPONSIBILITY

N/A

What you have

To ensure that we have fulfilled our promise of "challenging the status quo," this role has specific qualifications that successful candidates should have.

Qualifications

• 10+ years of experience in personal trust administration or legal estates practice.

• Bachelor’s degree or higher, JD preferred

• Strong knowledge of the principles of trust administration and practical experience in administering trusts governed by Delaware and Nevada law, a plus

• Strong ability to read, interpret and explain will and trust documents.

• Strong understanding of estate, gift, and GST tax provisions including funding formulas.

• Experience with Inherited IRAs and Trusteed IRAs, a plus

• Superior organizational skills and the ability to handle multiple priorities without sacrificing quality or accuracy

• Excellent interpersonal and communications skills and the ability to deal effectively with a variety of people

• Highly motivated and a self-starter

In addition to the salary range, this role is also eligible for bonus or incentive opportunities