Listen to Lawrence Letter: Seasonal address change for banks
May 27, 2022
Dear Clients and Friends:
I am a long way from being a snowbird (I do like that dry hot weather in Arizona though), but many of my clients can sympathize with the following practical problem:
I am a snowbird that travels to Florida for the winter months. I currently have established an Irrevocable Trust with you. During the months I go to travel I update my address with the financial institutions I have my money in. Upon calling them I am constantly told they cannot talk to me since I am not the trustee on file. I find this continually frustrating. Is there anything that can be done to have the institutions just update a seasonal address so I get the mail sent directly to me? I update my address with the post office so eventually, the mail does find its way to me but that can take up to 3 weeks.
Hi, that is a tough one. The bank is technically correct. It is not your money, it is the trust’s money.
However, here are three things off the top of my head that I think you could try:
1. I assume that your trustee is getting all the paperwork. Just have them take a picture of the statements and email them down to you; or
2. Get on the phone with your trustee present (or on a conference call) so they can (i) directly authorize a second set of documents to be sent down to you or (ii) simply troubleshoot the problem with the bank; or
3. Perhaps your online banking has the functionality to change addresses with the use of a username and password.
If anyone can think of a better solution, I will publish it here.
I hope this helps! Please forward this information to your friends and relatives to share these informative answers to some very commonly asked questions.
And, if anyone you know would like to receive this
Listen to Lawrence Letter, just have them email me at
email@example.com and I’ll add them to the list!
As always, please send me your questions. If you are thinking about it, others are probably too, so my answers will no doubt help you and many others.
Let’s stay connected.
Until next time,
peace, health and happiness,
Lawrence Eric Davidow