Many involved with the military are aware of the United States Department of Veterans Affairs but what exactly is the Department of Veterans Affairs fiduciary program and what are the duties of those fiduciaries? The purpose of the VA fiduciary program is to make sure that VA benefit payments made by the Department of Veterans Affairs to the appointed fiduciary on behalf of a beneficiary are used for the benefit of the beneficiary and the beneficiary’s dependents.
VA fiduciaries are responsible for being aware of the needs of VA beneficiaries and using the beneficiary’s funds best for his or her well-being and care. A beneficiary may have specific life circumstances, illnesses, or disabilities that the fiduciaries have to be aware of and must utilize the beneficiary’s funds to best meet their personal needs. VA beneficiaries are entitled to the same quality of life as those of similar financial well-being.
Beneficiaries should be given the most current contact info of the VA fiduciary in order for both parties to be able to keep in contact with one another. Fiduciaries also have to make sure that the beneficiary receives proper healthcare, including mental healthcare, as needed.
VA fiduciaries may be required to obtain a VA fiduciary surety bond in order to protect the interests of the beneficiary and guarantee that the fiduciary will not commit fraud or otherwise misuse the 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!