Va Form 21P-4703 is an agreement of the responsibilities of the agent. If it is completed by VA and signed in trust by the federal state, it constitutes a legally binding contract. An agent can pay a creditor if the beneficiary has VA funds to pay the creditor, but the VA funds should first be paid to pay for the beneficiary`s basic needs. As a trustee, you must notify VA of any changes in the beneficiary`s circumstances, including, but not limited to: The purpose of the Department of Veterans Affairs (VA) fiduciary program is to ensure that benefits go to an agent on behalf of a beneficiary are used for the well-being of the beneficiary and the beneficiary`s members. [1] As a trustee, you need to know what the beneficiary`s needs are so that you can decide how you want to use the beneficiary`s funds for their personal care and well-being. Your decision should be based on the beneficiary`s unique circumstances, needs, desires, beliefs and values. An agent is defined as a natural or legal person designated by the VA to receive funds goes on behalf of a beneficiary for the use and usefulness of the beneficiary and his relatives. A VA agent can use a beneficiary`s VA funds to make or acquire deposits in a funeral plan or funeral insurance before need. As a trustee, you have an obligation to keep separate financial accounts on behalf of a beneficiary. The law requires an agent to manage the recipient funds and insert them into reasonable and safe investments that protect the funds from creditors and losses. Summary: VA monitors the distribution and use of benefits paid to trust companies on behalf of incompetent, minor or legally handicapped VA applicants. This form is used as a legally valid contract between VA and a federal state of trust. It describes the responsibilities of the trustee with respect to the use of funds goes.

You must set up the account in the name of the beneficiary and your name and identify the fiduciary relationship. You must keep the funds from the recipient to an account separate from your funds or other people`s funds. The general rule of keeping a separate account does not apply where the spouse is the mandatary. It is also important that you react to VA in a timely manner, meet with VA staff on request, and follow the rules. For more information about the role of the VA trustee, see A Guide for VA Fiduciaries at Written comments and recommendations on the information gathering proposal should be received by Or before June 20, 2017. This document has been published in the federal register. Use the PDF linked to the document bar for the official electronic format….