Britney Spears' sister Jamie Lynn named trustee of singer's fortune two years ago
The "Toxic" hitmaker had set up "SJB Revocable Trust" in 2004 to protect her vast fortune and provide for the financial future of her two sons.
Another surprising detail has emerged about Britney Spears's finances amid her legal battle to have her father Jamie Spears removed as her conservator.
According to legal documents obtained by The Blast, Britney Spears's sister Jamie Lynn Spears was secretly named the trustee of the pop star's massive fortune two years ago.
The "Toxic" hitmaker had set up "SJB Revocable Trust" in 2004 to protect her vast fortune and provide for the financial future of her two sons- Sean Federline, 14, and Jayden James Federline, 13, whom she shares with ex-husband Kevin Federline. As per the new documents, the trust was amended in 2018 naming her younger sister Jamie Lynn as the "trustee."
According to the report, the move to appoint the Nickelodeon star as the trustee of her sister's fortune was signed off on by their father Jamie Spears and Andrew Wallet, both of whom are co-conservators for the 'Princess of Pop.'
The documents mention Britney as the "sole beneficiary" while she is alive, and goes on to outline the steps to be taken with her fortune in 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," the document reads.
It means that the "Zoey 101" actress will be in-charge to ensure that the assets and cash in the trust are duly transferred to the trust Britney has set up for her sons.
This is the first time that Jamie Lynn's name has emerged in her sister's finances, amid Britney's fans' accusations that their father Jamie controls the pop-star and her finances through the 12-year conservatorship. The revelation comes after Britney's mother Lynne Spears filed court documents to be included in future hearings involving this same trust.
Britney Spears has filed a request in the court that she wants her father to no longer be involved in her estate and wishes for a financial advising company to be put in charge of her finances. However, the 38-year-old has not filed a request to be completely released from the conservatorship which was imposed on her after a series of public meltdowns in 2007.
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