So you have been appointed as a VA fiduciary by the United States Department of Veterans Affairs. Did you know that you have specific responsibilities when it comes to managing your VA beneficiary’s funds?
VA fiduciaries have to make sure that all of a beneficiary’s bills are sent to them and that each of those bills is paid on time. VA fiduciaries also have to pay the beneficiary’s income taxes, collect any rent or unpaid debts owed to the beneficiary, and get any necessary insurance. A separate account has to be kept for the beneficiary as to prevent funds from being intermingled with the fiduciary’s own. Beneficiary funds also must be invested in safe and reasonable investments. Further, the fiduciary has to do his or her best to protect the funds from creditors and loss while also providing the additional protection that is required by the Department of Veterans Affairs.
Fiduciaries also have to make sure that specific needs of their beneficiary are taken care of when managing the funds and deciding how they are to be used. Primarily, the beneficiary’s personal care and well-being need to be taken care of.
A VA fiduciary may also be required to obtain a VA fiduciary surety bond in order to protect their fiduciary and guarantee that they do not commit fraud or otherwise misuse the VA beneficiary’s funds.
Where can you purchase instant VA fiduciary bonds?
Colonial Surety offers the direct and digital way to obtain VA fiduciary bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond instantly. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print or e-file your bond from your office. It’s that simple!