What is a VA Fiduciary Bond?
A (Veteran's Administration) VA fiduciary bond is a type of bond that protects the finances of a veteran who is unable to handle his or her finances. A friend or family member who is appointed the fiduciary of a veteran’s benefits will use those funds to ensure that the veteran’s bills, taxes, and other financial responsibilities are managed properly. This type of bond helps to ensure that these tasks are completed.
Do I need a VA Fiduciary Bond?
The Veteran’s Administration may require that the person appointed as the fiduciary obtain a bond so as to guarantee that he or she will not misuse the funds of the veteran. The VA may also request an interview with the person chosen to be fiduciary as well as set any necessary requirements to be met. The VA will make the determination of a need for a bond based on the amount of the estate. There may be some instances where the bond is not required.
What is the cost of a VA Fiduciary Bond?
Like other surety bonds, the cost of a VA fiduciary bond will depend on the value of the veteran’s estate for which you will be responsible. One of our agents will be able to work quickly to get a quote on the cost and requirements of the VA Fiduciary bond.
How do I become a Fiduciary for a Veteran?
Most often, the VA will seek out a friend or family member of the veteran to act as the fiduciary. If you would like to submit a request to serve as fiduciary for a friend or family member who is a veteran, contact the local VA office. They will need the VA file number and the name of the beneficiary in addition to your name and contact information.
How do I get a VA Fiduciary Bond?
Have all of your information ready and contact our office for a free quote. We will work quickly to get your fiduciary bond ready and sent to you as soon as possible. A licensed professional agent is available to answer your questions today.
Guide for VA Fiduciaries