Fiduciary Bank Account

Discussion in 'Fiduciary questions' started by Maven, May 2, 2017.

  1. Maven

    Maven Jr. Member

    My husband is applying to be fiduciary for his 90 yo mother.They have had a joint bank account for the past 16 years.Must he set up a new account listing him as fiduciary? Or can the same account be used with "Federal Fiduciary" printed on checks next to my husbands name?
    Kaylin likes this.
  2. Kaylin

    Kaylin Hero Member Staff Member

    The fiduciary account must be a completely separate bank account. The VA requires it.
  3. Matt375

    Matt375 Jr. Member

    Correct the account must be separate due to the fact that it has been determined by the VA that his mother is unable to manage her financial affairs so she cannot have access to that money.
    Kaylin likes this.

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