Fiduciary

Discussion in 'Share Your Personal Experience' started by sas58, Oct 30, 2010.

  1. sas58

    sas58 Newbie

    Thanks in advance again for the access to this dialogue.

    I applied for AIA on July 9 2010 for my father. I just received the "Decision Letter" ( Oct 30,2010 )stating:

    1. Entitlement to special monthly pension based on the need for aid in attendance is established effective July 9, 2010.

    In addition:

    2. A finding of incompetency is proposed.

    I am a bit confused. They have asked that we fill out a Form 21-4138 Statement of Claim appointing someone as the fiduciary. First of all how can someone incompetent sign a document appointing a fiduciary? Fortunately he does have the ability to sign competently but this makes no sense to me.

    Is this different than a power of attorney? I am his POA, will this help?

    My father will appoint me as the fiduciary. I just dont want to mess this application up and delay it even more. The initial AIA application was submitted with my fathers bank account to receive the monthly check. If I am the fiduciary will I have to give the VA my banking info? At this point they are only asking for a name and address of the fiduciary. I have read some other blogs regarding the fiduciary process and it sounds complex. Will there be a meeting with me ( as the fiduciary) and someone prior to finallizing this?

    Thanks,

    "Somewhat hopefull"
    Scott :)
     
  2. vetadmin

    vetadmin Administrator Staff Member

    Scott,

    The VA does not recognize POA and you have no choice but to go through their Fiduciary process. You do need to apply to be appointed as such and yes, there will have to be a meeting scheduled, but that more than likely will take months due to the shortage of VA Field Reps depending on your area.

    The most important thing is that the pension will start now and if there are any back payments (accrrued) those monies won't be released until the Fiduciary process is completed.

    I am assuming that you are listed on your dad's checking account. The money will be deposited into whatever account you provided when you made the application.

    Getting the pension awarded is the biggest hurdle. It should be all downhill from here.
     
  3. sas58

    sas58 Newbie

    The bank I sent in on the application is my fathers bank account with my sister as co-owner and POA. If I am the fiduciary and the money is deposited into my fathers account how is that I could be responsible, as fiduciary, for the distribution of the AIA funds?

    I can either add myself to his bank account along with my sister or appoint my sister as the fiduciary?

    Thanks,
    Scott
     
  4. AnnieN

    AnnieN Newbie

    Scott: I received a decision like the one your father got proposing incompetancy and I successfully went through the fiduciary process. Here's a link to my post that describes my experience through the interview: http://veteranaid.org/forums/index.php/topic,969.msg3619.html#msg3619.

    On the bank account issue, I actually did not become fiduciary until about two weeks after the interview when I received papers from the VA acknowledging the finding of incompetency and appointing me as fiduciary. The paperwork explicity described my responsibilities and instructed me in how to open a separate bank account for the vet for VA deposits, including how I should sign checks and the wording that should be on the checks. Like your father and sister, my mother and I already have a joint checking account where my Mom's VA checks have been deposited directly since she was approved for A&A and prior to my being appointed fiduciary. When I opened the new bank account I called the VA regional office for fiduciary decisions (at a telephone number given in the fiduciary paperwork) and gave them the routing number and account number for direct deposit. They asked if I wanted all VA checks to go to the new account and I said yes. This month the check went to the new account and the system seems to be working flawlessly.

    My recommendation is just to take it a step at a time and tap into your hidden reserves of patience.
     
  5. vetadmin

    vetadmin Administrator Staff Member

    Annie,

    Thanks for sharing your experience and helping to better understand this process.
     
  6. sas58

    sas58 Newbie

    Annie

    Great thanks for that info. I received another packet today with the details of my fathers AIA. Looks like it is done. First deposit starts today Nov1 into his account. They stated that the back pay ( Aug 1 to Nov1) will be held until the fiduciary is set up.

    It took 3 1/2 months to get it done and I am shocked with all the horrer stories I have heard.
     

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