What is a Veteran Affairs Fiduciary Surety Bond?

A VA Fiduciary Bond, also known as a VA Custodian Bond or Bond of Legal Custodian Veterans Administration, is a type of surety bond that protects the assets of a veteran or other beneficiary from misuse by a fiduciary.

The VA’s Fiduciary Program provides oversight of VA’s most vulnerable beneficiaries, who are unable to manage their VA benefits on their own. The VA appoints a fiduciary to manage the beneficiary’s interests and assets. Fiduciaries are usually family members or friends, but the VA can appoint a qualified individual or organization if none are available.

What is the Purpose of the bond?

The bond protects the beneficiary’s assets and funds, and ensures that the fiduciary handles them properly. It also compensates the beneficiary for any losses due to the fiduciary’s mishandling of funds.

The bond protects the beneficiary and their dependents from financial harm if the fiduciary mishandles their funds or engages in unethical behavior.

What happens when a bond is no longer needed?

Most probate courts require a bond release form when a bond is no longer needed that has to be submitted back to the surety company to cancel the bond.

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Who Needs a Fiduciary Bond?

A VA fiduciary bond is required when a fiduciary manages more than $20,000 of VA funds for a beneficiary or their dependents. Remember, you’re chosen by the court as the fiduciary for a veteran who’s been deemed incompetent. Typically a VA bond is required because: The veteran does not have a spouse or immediate family who can care for them. The name fiduciary is contested by family members

How Do I Become a Fiduciary for a Veteran?

To act as a VA-appointed fiduciary, submit a request to your regional VA office. Along with your request, include the beneficiary’s name, VA file number, your name and your contact information.

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