Exam Fun
Purposes of Field Examinations
•Oversight of beneficiaries
•Supervision of fiduciaries
Document IA, SIA, EIA and Scheduled follow-up here.
What is VBMS-Fid Field Exam Report
Field Examiner must provide this detailed information in the field examination
What are Interview logistics
An individual or entity may not serve as a fiduciary for a VA beneficiary if the individual or entity is this.
What is barred from service?
Type of oversight that may be used when beneficiary may be able to manage his own funds.
What is Supervised Direct Pay?
Does not constitute as a field examination
Exams that are documented on VA Form 21-3537b
–Telephone follow-up
–Unscheduled
–Fund usage
–Non-fiduciary program
The FE must provide all prospective and existing fiduciaries with these.
The VA Fiduciary Guide and Provided training information regarding the fiduciary process and request they complete the modules prior to the field examination. FEs must also provide information on the use of the Fiduciary Accountings Submission Tool (FAST).
Situations where there will not be a fiduciary fee authorized
is a spouse, dependent, or other relative of the beneficiary, or
will receive any other compensation of any kind for managing the beneficiary’s VA benefits
The FE is not required to gather these during Scheduled follow up or Telephone Follow up exams
What is Detailed financial information?
Types of fiduciary relationships
–Supervised payment beneficiary
–VA-appointed fiduciary
–Spouse fiduciary
–Court-appointed fiduciary (VA recognized)
•Extenuating circumstances only
Legal and Binding document that both the Fiduciary and Field Examiner sign.
What is VA Form 21P-4703, Fiduciary Agreement
The FE must document the name and contact information of everyone interviewed in this section of the VBMS Field Exam Report
What is "Other Contacts" section?
This is required when VA FUM exceeds $25,000
What is a corporate surety bond
(unless the fiduciary is exempted from obtaining a surety bond)
What types of oversight are used to monitor fiduciary performance?
What are fund usage reviews, accountings, and/or onsite reviews?
Types of IA Field Exams
•Initial Appointment (IA)
–EP590 Initial Appointment Field Exam
•Successor Initial Appointment (SIA)
–EP590 Successor Initial Appointment Field Exam
•Expedited Initial Appointment (EIA)
–EP590 Expedited Initial Appointment Field Exam
Form required to certify all fiduciary appointment types and authorize Fiduciary Fee
What is VA Form 21P-555, Certificate of Legal Capacity to Receive and Disburse Benefits and Fee Authorization
What should the FE do if they find that the beneficiary is neglected?
FE must refer the case to the appropriate local, State, or Federal agencies
Type of account the FE must instruct the fiduciary to obtain
What is properly titled checking or savings account that is federally insured?
If an IA took place on 10/15/2021 and after the interview the FE determined beneficiary qualified for Telephone Follow-Up Field Exam, when would it be scheduled?
According to Diary checklist, Telephone Follow-Up is to be scheduled 2 years form the date of beneficiary interview.
Types of Follow-up Field Exams
•Scheduled follow-up field examinations
•Telephone follow-up field examinations
•Fund usage field examinations (FUR & Accounting)
•Unscheduled follow-up field examinations
•Non-fiduciary program
Reports pulled when investigating fiduciary
What are Criminal Background Check and Credit Report
VA will not conduct the investigation this type of proposed fiduciary
An Entity, such as the trust department of a bank that provides fiduciary services. This includes the face-to-face interview, credit report, CBI, and proof of identity.
This takes place during scheduled follow-up field examinations
What is Biennial face-to-face contact?
If a retroactive payment of $12,347.23 is pending release to a family member fiduciary at the time of Initial Appointment, what is the FE required to discuss with the fiduciary?
What is Annual VA Accounting?