Estate Specialist

Momentum Centurion, Gauteng, South Africa.

Full-time · Associate

10,001+ employees · Financial Services

Through our client-facing brands Metropolitan and Momentum, with Multiply (wellness and rewards programme), and our other specialist brands, including Guardrisk and Eris Property Group, the group enables business and people from all walks of life to achieve their financial goals and life aspirations.

We help people grow their savings, protect what matters to them and invest for the future. We help companies and organisations care for and reward their employees and members. Through our own network of advisers or via independent brokers and utilising new platforms Momentum Metropolitan provides practical financial solutions for people, communities and businesses. Visit us at www.momentummetropolitan.co.za #MOMRET

INTRODUCTION

Momentum Trust provides Executorship solutions to the clients of Momentum who die with a Momentum Will. We also provide the same service to clients who either don’t have a Will (die intestate) or under Power of Attorney if they may have been appointed Executors but are required by the High court to obtain the services of an appropriately qualifies Agent, before they will be appointed by the High Court.

ROLE PURPOSE

The purpose of an Executor is to stand in the shoes of the deceased and deal with all assets /liabilities (anywhere in the world), including businesses and litigation and apply the requirements of various acts and accounting requirements, including all tax legislation and distribute the estate via the approval of the High Court, to the heirs of the estate who can be anywhere in the world.

Responsibilities And Work Outputs

  • To meet with heirs/planners and any interested party (Accountants, Attorneys, Shareholders, Financial institution’s/the Master of the High Court/ SARS etc.) to discuss and resolve any issue that may arise from putting a Business into Business Rescue or Liquidation, to obtaining Business valuations and Financials for SARS Estate duty purposes, to simply communicating the estate process to the heirs and explain, on an ongoing basis the role of the Executor (see attached Asset Framework and Estate administration process.)
  • To understand and apply the various sets of legislation that impact on the process such as:
  • The Administration of Estates Act 66 of 1965 as amended and the Insolvency provisions as they relate to the administration of insolvent deceased estates.
  • The Intestate Succession Act.
  • The Matrimonial property Act
  • The Wills Act
  • Estate duty Act.
  • Firearm control Act
  • FICA,FAIS,POPI ETC
  • The SARS taxation framework (Business , personal Tax, Estate duty , CGT etc)
  • Generally accepted accounting standards for Business Financials
  • Exchange control implications for heirs not resident in SA.
  • To understand and apply such understanding in dealing with Assets which are not held in South Africa, and the implications of Situs and the appointment of an Offshore Executor.
  • To understand and apply the wider process requirements of the various Financial /Legal/SARS etc to be able to move the estate forward in an appropriate timeframe.
  • To understand and apply the accounting framework as set out in the Administration of Estates act, and wider best practice as it relates to balancing the estate account and ongoing cash statement and cash reconciliation accounting, as well as understanding Financials statement of Businesses and the Taxation calculations required by SARS (Personal Tax, Business Tax CGT and Estate duty).

THE WORK YOU NEED TO DELIVER

  • Meet with / communicate with client in need to discuss matter after the matter has been take on via the take on team.
  • If necessary, to prepare all the documentation required to obtain Letters of Executorship in all estate including Section 18(3) matters irrespective of whether there is a Will or no will.
  • Take charge of all assets and documents of title being the property of the estate.
  • To review the matter and put in place solutions to resolve complexities that may have arisen due to inadequacies in the will or if it is not executable in the way expected due to the nature of assets / liabilities or marital regime etc.
  • To transfer or otherwise sell or dispose of by public auction, private treaty or tender any goods, effects, movables or immovable in the estate and ensure all documents for transfer of any property or registration or cession or cancellation of any bond to be affected in the Deeds Registry are signed by the Executor;
  • Pay or satisfy all claims and demands and do all such acts as may be necessary concerning such claims or demands.
  • Prepare the First and Final (or variations on this) Liquidation and Distribution account for lodgement and approval by the High Court, in the specified manner
  • Prepare the ongoing cash statements and cash reconciliation statements up to distribution
  • Ensure all Tax is complied with and Tax clearance received.
  • Ensure all assets are transferred to heirs and all cash and investments transferred or distributed as per the High Court approved Estate account. This includes those assets/ liabilities where the situs of the asset is a non-South African jurisdiction i.e. Jersey, Guernsey, Isle of Man, Ireland USA, Mauritius, Namibia, Europe, USA etc.
  • Ensure ongoing and timeous communication with the heirs and planner that introduced the matter and ongoing compliance with timeframes associated with the specific matter at hand.
  • Ensure that once the estate is distributed and Tax clearance received that a Filing notice is applied for at the Masters Office and thereafter place the file in old records (the electronic and paper-based version to be stored) within the specified time frames.

Competencies Required

  • The Ability to disassociate factual death from the process that needs to unfold and get resolved.
  • The Ability to be supportive but ensure due legal and accounting process is applied.
  • Ability to solve for complex financial legal and accounting outcomes in a constructive inclusive and positive manner.
  • Internal drive and determination to see the matters through to finality over extended periods of time, and to meet the process timeframes.

Experience And Qualifications

  • At least 7 – 10 years continuous work in the role
  • FISA Member
  • Appropriate Qualifications (not necessarily Legally qualifies – it as much accounting as legal).
  • Various Diplomas in Estate and Trust administration are offered in the market.
  • Tax knowledge is a critical element.
  • Bachelor’s degree with additional Diplomas specific to Estate and Trust administration, can be advantageous

WE’RE LOOKING FOR SOMEONE WITH

  • Problem solving (creating integrated solutions between Legal/accounting/the Will/and in need distribution agreements)
  • Process mindset.
  • A good understanding of the Asset Framework and which of the 4 categories are directly driven by the Executor vs the other 3 that impact on the estate at various levels from cash flow to estate duty but over which the Executor has no authority.
  • Financial and general accounting/ math’s knowledge.
  • IT dependencies (Execl, Word, Estate accounting system).
  • Ability to work Independently.

Please submit your application via our Careers page on www.momentummetropolitan.co.za

To apply, please follow the official system application process and get in touch with the PeopleSoft Helpdesk (021 940 5169) if you need further assistance.

Closing Date 27 August 2021

dikeledi.shabangu@momentum.co.za (The purpose for this email address is solely for queries regarding the advertised position and no emailed CV’s will be accepted. Only online applications submitted via our Careers page will be considered.)

All positions will be filled in accordance with our Employment Equity plan.

We also encourage people with disabilities to apply.

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