Britney Spears' sister, Jamie Lynn, has been named the trustee of a trust that holds the massive fortune belonging to the pop star, and she just has taken the first steps to become more involved in the singer's finances.
According to legal documents, obtained by The Blast, Jamie Lynn Spears was named trustee of the 'SJB Revocable Trust' which was set up by Britney in 2004 to protect her vast fortune and provide for her children's financial future.
The new documents claim the trust was amended in 2018, naming Jamie Lynn as the 'trustee' and the move was signed off on by her co-conservators Andrew Wallet, and their father Jamie Spears.
According to the documents, while alive Britney Spears is the "sole beneficiary" of the SJB Trust, but it outlines what steps are to be taken if she passes away.
It's unclear if Jamie is asking to move the assets to these accounts now, or in the event of Britney's death. But, the trust outlines exactly what should happen to her fortune in the case of her death.
"Upon the settlor's death, the entire principal of the Trust, including all accused and undistributed and unrealized income, together with any insurance on the settlor's life or other assets payable to the Trust as a result of settlor's death, shall be promptly distributed by the Trustee to the trustee or co-trustee of the BJS Kids & Family Trust, to be held, administered and distributed in accordance with its terms."
In other words, if she passes away, Jamie Lynn will ensure that the assets and cash be transferred to the trust set up to take care of her children.
As you know, this is a HUGE move considering Britney Spears' strained relationship with her father, Jamie Spears, and is the first time her sister has been named in connection to her conservatorship.
We broke the story, Britney and Jamie's mother Lynne Spears filed documents to be included in future hearings involving this same trust.
As we reported, Britney's lawyer has filed documents claiming the pop star no longer wishes to have her father involved in her estate and is asking that a financial advising company be put in charge of her finances.
In 2004, Britney created the trust to include, "All of my right, title, and interest in all my property." Plus, "My furniture and furnishings, clothing, jewelry, vehicles and accessories to vehicles, books, paintings, and other artwork, and other tangible articles of personal, domestic household, or recreational use or nature, together with any insurance on such property."
The trust also includes, "My stocks and securities of every kind and character. My cash and cash equivalents, including all bank accounts and savings accounts of any kind or character."
It should be noted, Britney Spears has not filed a request to be completely released from the conservatorship, but she was specific about not having her father be involved. It appears at this point, her sister and mom may become more intimately involved.
As we reported, there has been a major resurgence of the #FreeBritney movement including celebrities like Paris Hilton, Arial Winter, and Rose McGowan who have come forward in support of her freedom.
The conservatorship will remain in place for at least the next 6 months.
Full Article & Source:
Britney Spears' Sister, Jamie Lynn, Secretly Named Trustee Of Singer's Massive Fortune
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Britney Spears
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