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
Walk it box by box
Fill it out with your information
Open the official VA form, then work down the boxes below. Each one is pre-filled from what you have already entered in Claim Recon and explained in plain language with the wording a VA rater expects. Review and edit every answer, then export your worksheet and copy it onto the official form. We never fill out or submit anything for you.
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.