Single Veteran

[lori]

I am the Federal Fiduciary for my brother's VA Benefits. He is wondering if he should pass away, the money in his checking will it go back to the government or be left in his estate. He does not currently have a savings account, but if this keeps it in his estate he will plan on starting one. He has never been married and both of his parents are living.

Thanks

[lori]

Sorry but one more thing. If he currently is incompetent, can I ask the doctor to see if he can be proven competent? Will this mess up his 100% disability? He also was stated incompetent for his Social Security too...I just don't want to mess up his monthly income..but he also has the will which leaves his siblings with the estate, so they will not get any of his money which if that is the case, he shall get lots of things as he wants, housewares, gadgets, etc. I guess what I am trying to say is he will be spending all of his money...on himself.then he can will any of his housewares, gadgets, etc. to the siblings..or will the goverment get all of that too? He got his retro pay and paid off his home, will they get it too?

[lori]

Here is another interesting piece of literature I ran across.... the letter © but it states for Federally Appointed Fiduciaries, I don't know if I am considered a Federal Appointed Fiduciary or not....Guess I will be calling the accounting department and asking them several questions Tuesday and get it in writing of the things that Can be legally done...

(a) Type authorized. VA benefits paid to a Federally appointed fiduciary other than a spouse payee or an institutional award payee may be invested only in United States savings bonds, or in interest or dividend-paying accounts in State or Federally insured institutions, whichever is to the beneficiary's advantage. Department of Veterans Affairs benefits that are paid on behalf of an incompetent veteran to an institution via an institutional award payment arrangement may not be invested.

(b) Registration. (1) When funds are invested in bonds, the bonds will be registered in this form: (Beneficiary's Name), (Social Security No.), under custodianship by designation of the Department of Veterans Affairs.

(2) When funds are invested in interest or dividend-paying accounts in State or Federally insured institutions, the account will be registered in this form: (Beneficiary's name), by (Fiduciary's Name), Federal fiduciary.

© Pre-need burial arrangements. Federally appointed fiduciaries, other than institutional award payees, may use a beneficiary's funds derived from VA benefits to make deposits into, or purchase, a pre-need burial plan or burial insurance on behalf of the beneficiary, if to do so is in the beneficiary's interest.

(Authority: 38 U.S.C. 501)

[53 FR 20619, June 6, 1988]

[lori]

I was going thru some files and found the letter in which it states, "The Department of Veterans Affairs has appointed you as the payee for the veteran." I wonder if this is the same thing as a Federal Appointed Fiduciary?