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VA Fiduciary Bonds

A VA fiduciary is a person or entity appointed by the VA to receive benefits on behalf of a veteran or veteran's beneficiary who cannot manage their financial affairs due to injury, illness, age, or other factors. A VA fiduciary is responsible for managing the beneficiary's VA income, ensuring that debts are paid, and utilizing the funds for the daily needs of the beneficiary and any dependents. The benefits must be used to support the beneficiary or their dependents. The fiduciary is never allowed to borrow, loan, or gift any funds belonging to the beneficiary. Also, any changes made regarding the beneficiary's funds, change of address, and more must be reported. The courts require a VA fiduciary surety bond as a form of protection insurance that guarantees a fiduciary's faithful performance. The bond guarantees the fiduciary properly handles and distributes the funds and protects against fraud and dishonesty. If a fiduciary violates the conditions on the bond by misappropriating or incorrectly distributing funds, a claim can be made against the bond. If you are a VA fiduciary, one of our experienced surety agents will happily walk you through each step of our simple and easy bonding process. Contact us today for a free bond quote!

Who Needs A VA Fiduciary Bond?

A VA fiduciary is required to purchase a VA fiduciary surety bond if they manage more than $20,000 of VA funds. There are several exceptions to this rule, the fiduciary will not be required to obtain a surety bond if any of the following exemptions apply:

  • The fiduciary is the spouse of the veteran
  • Trust companies and banks with trust powers
  • Fiduciaries from locations that preclude bonding: Puerto Rico, Guam, or other United States territories

How Much Does A VA Fiduciary Bond Typically Cost?

The total amount of your bond determines the cost of a VA fiduciary bond. The Department of Veteran Affairs chooses the amount of your bond based on the total amount of VA funds managed plus the anticipated net income for the accounting period. Your premium is often 1% to 5% of this total and your credit score, financial statements, and fiduciary application affect your rate. To learn more about how much a VA fiduciary bond will cost you, contact the experienced surety agents at The ProSure Group for an individualized consultation.

How Do I Apply For A Fiduciary Bond?

Contact The ProSure Group! Our team of trusted surety bond experts has over 23 years of experience and has partnerships with more than 30 different surety companies. We can answer all of your questions on VA fiduciary bonds and work hard to get you the most competitive premium rate available. Contact The ProSure Group today or fill out our bond request form online and one of our specialists will be happy to guide you through the process of applying for a VA fiduciary bond.

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