The Department of Veterans Affairs’ (VA) Fiduciary program is designed to help disabled veterans who are unable to manage their benefits and finances on their own due to circumstances such as old age, injuries, or disease. In other situations, a child may be the beneficiary of a veteran receiving VA benefits and require a fiduciary.
Generally, a fiduciary is someone with control over another person’s finances. They have a legal and ethical obligation to act in the best interests of the person whose money they have control over, referred to as the beneficiary. The beneficiary usually chooses a family member or close friend to control their finances, and the VA appoints them as fiduciary of the veteran’s benefits.
There is a strict process to be selected as a fiduciary. The fiduciary must:
The fiduciary’s main responsibility is to ensure that all VA benefits and compensation are used for the benefit of the beneficiary. They must use those funds to support the needs and care of the beneficiary and their dependents. Fiduciaries are also responsible for communicating to the VA on behalf of the beneficiary.
As fiduciary, all of the beneficiary’s bills will be sent to you. You are responsible for paying mortgage, utilities, groceries, medical bills, etc., and other household/personal expenses of the beneficiary. You must maintain these funds in a safe investment account and protect the beneficiary’s funds from loss and creditors.
To become a fiduciary, you must submit a request with the beneficiary’s name and VA number as well as your own name and contact information to your fiduciary hub jurisdiction or nearest VA regional office.
The VA fiduciary program helps veterans who are unable to manage their finances by supplying them with a trusted fiduciary who will make decisions for them in their best interests. For more information on VA fiduciaries, get in touch with our firm today.