Jamie Lynn Spears has been named trustee of Britney Spears’ fortune amid her ongoing conservatorship battle.
Court documents obtained by Us Weekly show that in the event of Britney’s death, her younger sister will inherit her fortune.
The documents were signed off by the singer’s co-conservators at the time – Andrew Wallet and the sisters’ father, Jamie Spears.
The papers also explain that while Britney is alive, she is the “sole beneficiary” of the SJB Trust – which was set up by the singer in 2004 to protect her children’s financial future and her fortune.
The documents state that Jamie Lynn will receive “the entire principal of the Trust, including all accused and undistributed and unrealized income” after her sister passes away.
That income will be combined with “any insurance on the settlor’s life or other assets payable to the Trust as a result of settlor’s death [and will be] distributed by the Trustee to the trustee or co-trustee of the BJS Kids & Family Trust.”
Her father Jamie is asking the court to approve the appointment of Fidelity Financial Management to create “blocked accounts” which will hold all of Britney’s assets, according to the documents.
The news comes days after Jamie requested for himself and Andrew Wallet – an attorney who previously helped oversee her finances – to resume their duties as co-conservators.
The 68-year-old stepped down as his daughter’s conservator last year due to health issues, but now he’s trying to reprise his role.
According to PEOPLE, Jamie has asked that he and Andrew have “power to obtain all documents and records” relating to Britney’s estate, including access to “all contracts, information relating to credit cards, bank statements, estate planning documents, receivables, and any and all powers of attorney.”
The document also states Britney has $2.7 million in cash assets, and an estimated $57.4 million in non-cash assets as of December 31.
Britney was placed under a conservatorship after she suffered an alleged breakdown back in 2008.
A conservatorship is granted to those who are incapable of making decisions, such as people with mental disabilities – leaving their estate, financial assets, and some personal assets under the control of the appointed conservators.
The singer’s conservatorship has been under review since last year, after she accused her father of forcing her to enter a mental health facility.
In recent months, Britney’s fans have called for her conservatorship to end, creating a #FreeBritney social media campaign.
The widespread concern has even pushed fans to ask Britney to signal whether she’s “in danger” by wearing a particular colour in her Instagram posts.
Seemingly responding to fans who were worried by her posts, Britney wrote on Instagram: “I get how some people might not like my posts or even understand them, but this is me being happy….. this is me being authentic and as real as it gets!!!!!”
She added: “I want to inspire people to do the same and just be themselves without pleasing others ….. that’s the key to happiness ???????????????? !!!!!!”
