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Key Responsibilities and Required Skills for Trust Accountant

💰 $75,000 - $110,000

AccountingFinanceLegalFinancial Services

🎯 Role Definition

As a Trust Accountant, you will be the financial backbone of our trust administration services. Your primary responsibility is to maintain the complete and accurate accounting records for a dedicated portfolio of trusts, estates, and agency accounts. This role requires a deep understanding of fiduciary principles, trust instruments, and regulatory compliance. You will serve as a critical link between trust officers, investment managers, and clients, ensuring the financial integrity of each trust and providing clear, timely reporting to all stakeholders. Your diligence and expertise will directly contribute to upholding our fiduciary duty and maintaining the confidence of the families and individuals we serve.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Staff Accountant / General Ledger Accountant
  • Fund Accountant
  • Experienced Paralegal (with a focus on estate & trust administration)

Advancement To:

  • Senior Trust Accountant
  • Trust Accounting Manager / Supervisor
  • Trust Officer

Lateral Moves:

  • Compliance Officer (Financial Services)
  • Financial Analyst (Wealth Management)
  • Tax Accountant (Fiduciary)

Core Responsibilities

Primary Functions

  • Manage and oversee the full lifecycle of accounting for a diverse portfolio of trusts, estates, and foundations, ensuring all transactions are recorded accurately and in a timely manner.
  • Prepare and deliver comprehensive fiduciary accountings for trusts and estates in various formats (probate, informal, etc.) in accordance with trust agreements, state statutory requirements, and the Uniform Principal and Income Act (UPAIA).
  • Execute daily cash management activities, including monitoring account balances, processing client receipts and disbursements, executing wire transfers, and reconciling all bank and brokerage accounts.
  • Conduct meticulous monthly, quarterly, and annual reconciliations of all trust assets, including cash, securities, real estate, and other unique assets, promptly investigating and resolving any discrepancies.
  • Ensure strict adherence to all internal controls, compliance policies, and legal/fiduciary regulations governing trust administration to mitigate risk and successfully pass internal and external audits.
  • Collaborate closely with trust officers, portfolio managers, tax professionals, and legal counsel to ensure seamless administration and accurate financial reporting for all client accounts.
  • Calculate and process complex distributions to beneficiaries, trustee fees, and other administrative expenses in precise alignment with the terms outlined in the governing trust documents.
  • Analyze and interpret trust instruments, wills, and other legal documents to establish proper account coding, principal and income allocations, and administrative guidelines on the accounting system.
  • Manage the accounting processes for the opening of new trust accounts and the closing of terminating trusts, including final accountings and the coordination of asset distributions.
  • Facilitate and record securities transactions, including purchases, sales, and corporate actions, ensuring accurate cost basis tracking and gain/loss reporting.
  • Perform detailed income and expense analysis, including the critical allocation of receipts and disbursements between principal and income on a consistent and defensible basis.
  • Generate and customize a variety of financial reports for beneficiaries, trustees, and management, providing clear insights into trust activity, asset performance, and financial position.
  • Respond to inquiries from clients, beneficiaries, and their advisors regarding account transactions, balances, and financial reporting in a professional and timely manner.
  • Calculate required annuity and unitrust payments (CRAT/CRUT), ensuring timely and accurate distributions from charitable and other planned giving vehicles.
  • Maintain the integrity of the trust accounting system (e.g., OneSource, SEI, AccuTrust) by ensuring all account data, transactions, and records are up-to-date and pristine.

Secondary Functions

  • Provide direct support for internal, external, and regulatory audits by preparing requested documentation, explaining accounting treatments, and responding to auditor inquiries.
  • Assist in the preparation of financial data and supporting schedules required for fiduciary income tax returns (Form 1041) and gift tax returns (Form 709).
  • Contribute to departmental initiatives by identifying and recommending improvements to trust accounting processes, workflows, and internal controls to enhance efficiency and accuracy.
  • Assist in training and mentoring junior accounting staff on fiduciary principles and departmental procedures.
  • Monitor and account for special or hard-to-value assets, such as closely-held business interests and real property, working with third-party appraisers and property managers as needed.

Required Skills & Competencies

Hard Skills (Technical)

  • Fiduciary Accounting Expertise: Deep understanding of fiduciary accounting principles, including the Uniform Principal and Income Act (UPAIA) and state-specific probate codes.
  • Trust Accounting Software: High proficiency with specialized trust accounting platforms such as OneSource Trust & Estate Administration, SEI, or AccuTrust.
  • Advanced Excel Skills: Mastery of Microsoft Excel, including pivot tables, VLOOKUP/XLOOKUP, complex formulas, and data manipulation for analysis and reporting.
  • Account Reconciliation: Proven ability to perform complex, multi-level reconciliations for bank, brokerage, and other asset accounts.
  • Financial Reporting: Experience in preparing detailed financial statements, court accountings, and custom reports for trusts and estates.
  • GAAP Knowledge: Solid foundation in Generally Accepted Accounting Principles (GAAP) and the ability to apply them in a fiduciary context.
  • Regulatory Awareness: Familiarity with financial regulations, including AML, KYC, and their application to trust administration.

Soft Skills

  • Attention to Detail: Exceptional precision and accuracy are paramount, with an ability to produce error-free work while managing large volumes of data.
  • Organizational Skills: Superior ability to prioritize a demanding workload, manage multiple deadlines, and maintain meticulous records for numerous client accounts.
  • Integrity and Discretion: Unquestionable personal integrity and a high degree of discretion in handling confidential and sensitive client financial information.
  • Analytical & Problem-Solving: Strong analytical skills to investigate complex discrepancies, interpret legal language, and develop effective solutions.
  • Communication Skills: Excellent written and verbal communication skills to clearly explain complex financial information to non-accountants, including clients and trust officers.

Education & Experience

Educational Background

Minimum Education:

  • Bachelor’s Degree from an accredited university.

Preferred Education:

  • Master's Degree in Accounting or Finance.
  • Certified Public Accountant (CPA) or similar professional certification.

Relevant Fields of Study:

  • Accounting
  • Finance
  • Business Administration

Experience Requirements

Typical Experience Range: 3-7 years of direct experience in trust accounting, fiduciary accounting, or a closely related field.

Preferred: Experience within a bank trust department, multi-family office, law firm's trusts & estates practice, or a public accounting firm with a focus on fiduciary services is highly desirable.

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