Payments, Fiduciary and Accounts

Discussion in 'Fiduciary questions' started by Mpars, Aug 18, 2014.

  1. Mpars

    Mpars Newbie

    If payments are started and the past monies are held up due to a fiduciary hearing pending, in what account will the new monies be sent to? Of course they're supposed to go to the account information that was put on the application, BUT does the veteran's name have to be on said account before the fiduciary is established? I'm thinking it has to be.
  2. vetadmin

    vetadmin Administrator Staff Member

    A new account will be required, which the Field Agent/Fiduciary Division will instruct you on.

  3. I actually just got appointed as fiduciary (less than a month ago). For me, after my interview, I was officially appointed within a month, so it didn’t take too long. My mom has been receiving disability compensation benefits for years and I was appointed as her power of attorney a long time ago, so I had access to her funds that way. Her current funds have been continued to be deposited into her old account. But now that a fiduciary was deemed necessary, her back pay/retro pay won’t be released until the fiduciary account has been opened and a surety bond purchased (the VA required this because I handle more than 20K of VA funds, so it may not always be required). And the VA wont release funds that are pending on the fiduciary until they know that the account has been opened up correctly—that was what I was told and you cant open up a fiduciary account without either a court order document or bringing in the documents from the VA appointing you (that’s what my bank told me). But now I have both the bond and the account opened, so I’m sending in those documents to the VA as proof and upon that, they will release her back pay and start sending her current pay to the new account. I hope this helps.

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