Managed by VA’s Veterans Benefits Administration, the new
regulations, which took effect in August, update and reorganize fiduciary rules
consistent with current law and VA policies, and clarify the rights of
beneficiaries and the roles of VA and fiduciaries in the program.
“These new regulations clarify the protections in place for
veterans and Family members who apply for or are currently part of our
fiduciary care program,” said Robert Wilkie, VA secretary. “This furthers our
commitment to care for those who have given so much to our country.”
Among other things, the new regulations clarify
beneficiaries’ rights, including the right to appeal fiduciary appointments and
other fiduciary decisions, the 4 percent limit on fiduciary fees, and the
procedures to remove a fiduciary, for instance, when a beneficiary demonstrates
the ability to manage their own funds or when VA determines that the fiduciary
misused VA benefits.
This is the first full revision of the fiduciary activities
regulations since they were first published in 1975. To read the complete
fiduciary activities regulations, visit HERE
