What is a VA Fiduciary Bond?
A VA fiduciary bond serves to protect incapacitated veterans who have experienced disease or mental health trauma that makes them incapable of managing and keeping track of their own finances. These bonds ensure that with the help of the veteran’s fiduciaries, the veteran will be able to manage their finances. Usually, the veteran will have a close friend or a family member serve as the fiduciary. This appointed fiduciary then becomes in charge of everything from filing the veteran’s taxes and paying, paying all the bills and otherwise managing the veterans financial affairs.
The cost of a VA fiduciary bond is determined by how much coverage is needed based on the size of the estate that is going to be managed
Who needs this bond?
The Veteran’s Administration generally requires the person appointed as the fiduciary to obtain this bond to guarantee that the fiduciary be able to manage their finances will not misuse the veteran’s funds. For more information on the code that governs this requirement click here
Does it matter where I get my bond?
It is important to understand how surety bonds work, and who is the insurance company issuing your bonds. It is easy to run your business when you deal direct with a quality insurance company licensed to write surety bonds. Colonial is an A (Excellent) rated insurance company by A.M. Best, that has been incorporated since 1930. We are Treasury listed, and licensed and admitted in all U.S. states and territories.