My FIL was awarded Homebound benefit. I've been looking at the necessity of his daughter becoming his fudiciary because of a recent stroke. Is a separate account needed for A&A if he was and still is deemed mentally competent for his current award? Thank you.
In my experience, a separate account was required by the VA if a fiduciary is necessary. It will also make the accounting to the VA easier, if they ever require the accounting. My FIL, at 92, is still very mentally competent, but the VA deemed him not competent because he needed assistance in taking his medications. It was better in his case for us not to fight the compentcy issue because we were told it would draw the process out. The bank opened the account with no monthly fees, the funds are direct deposited, and we pay first out of that account. Hope this helps.
Thank you for your help answering the question DebbieTownley! That is correct, the VA will request a fiduciary account be set up if the applicant is deemed mentally incompetent to manage their finances.
