A veteran of U.S. military service that is incapacitated may have his or her financial affairs managed by a personal representative. That individual or firm must generally file a VA bond of a legal custodian with the Department of Veteran's Affairs. These empowered parties are called "VA Fiduciaries" and thus the obligation is a class of fiduciary bond. Per the VA, "The Fiduciary Program was established to protect veterans and their beneficiaries who unable to manage their financial affairs." The program requires medical documentation or a determination of a court of competent jurisdiction that the veteran is incapacitated.
A veteran may choose a person or professional fiduciary service provider to act as a manager of his or her financial affairs. A fiduciary must apply to Veteran's Affairs to act as such. The VA conducts an investigation of the applicant who must meet the following general requirements:
Upon a determination of suitability, an applicant may be required to file a VA bond of a legal custodian. The surety bond amount is included on an acceptance letter on official letterhead (view sample letter) and generally declares the following:
What Did We Decide
Please present this letter to a surety bond company to insure for the amount of $_________________ The surety bond company may issue a rider to an existing bond if any or provide a new bond equal to the requested amount.
The VA fiduciary bond runs to the Department of Veteran's Affairs, identifies the ward, case and surety company. The surety bond guarantees that the custodian will account for all moneys, securities and property coming in to his or her possession, pay to those individuals or business that may be entitled to receive them and when demanded, render of a complete and satisfactory accounting of the ward's assets.
Pursuant to the Veteran's Affairs website, the agency seeks professional fiduciaries to act on behalf of veteran's that cannot provide a qualifying family member to fill that role. The VA advises, "To become a professional fiduciary, submit your resume with cover letter to VA_Fiduciary@va.gov. The candidate must include his or her name, name of the business organization (if applicable), mailing address and e-mail address with the candidate's resumé or C.V. Read more about the program and the duties of a VA professional fiduciary here. As the population ages and the United States continues to maintain a very large active military the services of fiduciary businesses will be in demand. Estate and guardian practitioners may also need the following surety bonds.
Underwriting of fiduciary bonds requires review by a surety specialist with knowledge about the laws that regulate the activity in the jurisdiction where the bond will be filed. Surety bond leader, Surety One, Inc., specializes in this class of surety bond. We offer these in all fifty states, Puerto Rico, Canada and U.S. Virgin Islands. Application submissions are reviewed and quoted on the same day as they are received. We are the MOST RESPONSIVE surety bond underwriter in the sector. Call (800) 373-2804, email us at Underwriting@SuretyOne.com or chat with us live here about your VA fiduciary bond need.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.