Britney Spears (L) and Jamie Lynn Spears (R). (Getty Images)
Britney Spears’ sister, Jamie Lynn Spears, was quietly named the trustee of her massive fortune by her conservatorship two years ago, it has emerged.
Jamie Lynn was appointed trustee to the SJB Revocable Trust, which was set-up in 2004 to ensure Britney’s money would be transferred to her children in event of her death.
She was handed the role in 2018 by Britney’s then-conservators – appointed by courts to control certain aspects of her life since her 2007 breakdown – her father, Jamie Spears, and lawyer Andrew Wallet.
According to court documents obtained by The Blast, Jamie Lynn requested Fidelity Financial Management serve as financial advisor and that “blocked accounts” are created to hold Britney’s assets.
Upon Britney’s death, her sister will receive “the entire principal of the trust”, and will ensure her $60 million fortune goes to her sons Sean Preston and Jayden James Federline.
While the singer is alive, she remains its sole beneficiary.
Britney Spears has been in a conservatorship for the last 12 years. She wants to change that.
The update comes amid renewed speculation into Britney Spears’ personal and legal affairs, with the Free Britney movement campaigning for courts to release her from her 12-year conservatorship – and Britney herself indicating that she’s ready to take back control of her life.
Four years after the trust was formed, Britney experienced a highly-publicised breakdown.
Shortly after, she entered into a complex legal arrangement known as a conservatorship, wherein her financial affairs, estate and wellbeing are managed by others.
Britney’s father, Jamie, has been his daughter’s co-conservator since 2008, overseeing her mental health, among other things. He temporarily stepped down in 2019 amid ill-health and was replaced by licensed professional conservator Jodi Montgomery.
Britney, who has vastly remained silent on the matter, launched a legal bid to block her father from returning as co-conservator at the end of August.
In a filing drawn up by her legal counsel, Samuel Ingham, she said she is “strongly opposed” to having Jamie return to steer her wellbeing and would prefer Montgomery to continue after her role expires on Saturday (August 22).
The filing stated that Britney wants to conservatorship to “be changed substantially in order to reflect the major changes in her current lifestyle and her stated wishes”, notably her “desire not to perform at this time”. It included a reference to Britney possibly seeking to end the conservatorship in the future.
The court, however, ruled that no immediate changes would be made, with the conservatorship extended until at least February 2021.