Business Overview: U.S. Trust, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients' wealth structuring, investment management, banking and credit needs. Clients are served by teams of experienced advisors offering a range of financial products and services, including investment management, financial and succession planning, philanthropic and specialty asset management, family office services, custom credit solutions, financial administration and family trust stewardship.
U.S. Trust is part of the Global Wealth and Investment Management unit of Bank of America, N.A., which is a global leader in wealth management, private banking and retail brokerage. U.S. Trust employs more than 4,100 professionals and maintains 135 offices in 33 states.
Job Description: Accountable for overseeing the settlement process for irrevocable terminating trusts of varying complexity levels in a fast paced, high volume environment. Under the supervision of a Team Lead and fiduciary partners, a TSO II will: 1) minimize risk to the Bank by the timely and accurate interpretation and implementation of provisions in governing instruments that relate to the disposition of trust assets, 2) alleviate the demand on Trust Officer time by performing the up-front investigation, gathering of support documentation and decisioning/analysis to inform the settlement process, 3) conduct strategy meetings and coordinate communications among internal partners (tax officers, special asset managers, operations teams, portfolio managers, and fiduciary advisors) to ensure seamless information flow and achieve settlement milestones, 4) build and maintain relationships with external business partners (attorneys, CPAs, fiduciary accountants, and Attorneys General Offices) to support relevant estate, gift tax and trust reporting requirements that are triggered by the disposition of assets in a terminating trust, 5) initiate and review trust accountings required for judicial and informal settlement proceedings, 6) maintain high quality communication with individual and charitable beneficiaries with a focus on client satisfaction and asset retention, as appropriate, and 7) manage risk by initiating, coordinating and obtaining adequate and appropriate release from liability. TSO II may also act as a technical resource to colleagues within and outside of the Trust Settlement team, participate in sales calls as needed, and assign and monitor tasks of Trust Settlement Assistants
Qualifications: JD required with trust and estates experience. Non-licensed associate