Your Guide to VA Fiduciary Bonds
What is a VA Fiduciary Bond?
Before we define what VA fiduciary bonds are, let’s break it down. VA stands for Veterans Affairs and a fiduciary is a person that is given power over someone else’s interests and assets. So, if an individual is being put in charge to manage VA benefits they may be required to first obtain a VA fiduciary bond. There are various types of VA fiduciary surety bonds that fall under the probate bond category.
VA fiduciary bonds protect veterans who are otherwise unable to manage their financial affairs. These bonds ensure VA benefit payments given to fiduciaries on behalf of veterans are used and redistributed appropriately – whether to beneficiaries or their dependents. For example, VA fiduciaries are responsible for paying veterans’ bills on time, including taxes. VA fiduciary bonds ensure such tasks are fulfilled.
SuretyBonds.com is legally licensed to sell VA fiduciary bonds in every state. For more information on the specific court bond you need, call 1 (800) 308-4358 to speak with a surety expert.
How much does a VA fiduciary bond cost?
Your surety bond cost will depend on how much coverage you need, which is based on the value of the estate you’ll be managing. The underwriting company will also review the court documents associated with the fiduciary request. Depending on the situation, a review of the applicant’s financial credentials, such as a credit report and personal financial statement, might also be required. The best way to determine your exact surety bond premium is to request a free VA fiduciary surety bond quote online.
How do I get a VA fiduciary surety bond?
To get your bond, call 1 (800) 308-4358 to speak with a surety expert who will walk you through the bonding process. Once you’re approved and you’ve paid your premium, your bond will be issued and mailed. You must then submit the original surety bond form to the appropriate VA office.
How do I get appointed as a fiduciary for a veteran?
In most cases the VA looks for a family member or friend of the veteran to serve as the fiduciary, but other qualified individuals and organizations are considered when friends and family are not available or interested in the position.
To be considered as a fiduciary for a veteran, submit a request with the beneficiary’s name and VA file number, as well as your name and contact information, to the closest VA regional office. To obtain the address for this office, call 1 (800) 827-1000. If you’re interested in becoming a professional fiduciary, submit your resume, cover letter and personal information to: [email protected]