VA Form 21P-555
Income/Assets Reporting for Fiduciary Beneficiary
VA is conducting a review of a beneficiary under fiduciary supervision and has requested current income and asset information.
- Who fills it
- fiduciary
- Journey phase
- Keeping Your Award Current
- Estimated time
- 20-40 minutes.
- When to file
- When requested by VA or when the fiduciary becomes aware of significant changes in the beneficiary's financial situation.
Official VA form page: https://www.benefits.va.gov/fiduciary/forms.asp
Gather before you start
- ▸Current bank account balances for all accounts holding beneficiary funds
- ▸Income statement (all sources: VA benefits, SSA, other)
- ▸Any significant asset changes
Attach with the form
- ▸Current bank statements
Section I - Beneficiary Identification
Blocks 1-3Beneficiary name, SSN, VA File NumberPII
The veteran or other beneficiary under fiduciary supervision.
(veteran's name, SSN, VA file number)
Common mistakes
- ×Entering fiduciary's information here instead of beneficiary's.
Section II - Current Monthly Income
Blocks 4-12All current income sources for the beneficiary
Report the beneficiary's current monthly income from all sources: VA compensation or pension, Social Security, SSI, any employment (sheltered workshop wages count), rental income, trust distributions. Report actual current monthly amounts.
e.g., VA pension: $1,200/mo; SSA: $850/mo; No other income
Common mistakes
- ×Reporting annual amounts when VA asks for monthly - provide monthly amounts.
- ×Not reporting sheltered workshop wages - any compensation counts.
Authority
- 38 CFR 3.500 - When VA reduces or discontinues benefits.
Section III - Current Assets
Blocks 13-20All current balances for accounts holding beneficiary funds
List every account holding the beneficiary's money: checking (dedicated fiduciary account), savings, CDs, any investment accounts holding VA funds. Include the financial institution name, account type, and current balance. Exclude: primary home, vehicle, personal property.
e.g., First National Bank Checking (fiduciary): $3,450; Savings: $8,200
Common mistakes
- ×Not disclosing all accounts holding beneficiary funds - VA may audit.
Section IV - Fiduciary Certification
Blocks 21-22Fiduciary name, signature, and datePII
The fiduciary signs and dates, certifying accuracy. Include fiduciary's printed name and title.
(fiduciary signature, printed name, title, date)
Common mistakes
- ×Not including the fiduciary's title (guardian, conservator, power of attorney).
Statutory and regulatory authority
- 38 CFR 3.500 - When VA reduces or discontinues benefits.