Britney’s Money in the Hands of her Brother
I am all confused now. So, we know that Jamie is Britney’s co-conservator and will serve as such until March 10th (at least). In addition, according to court documents released today, we learn that the SJB revocable trust which holds Britney’s actual money is, in facts in the hands of Britney’s brother Bryan and their attorney. The catch is that in the event that Britney is not competent of handling her own finances, “then Bryan Spears … and Ivan Taback [a partner in the personal planning department of the New York-based law firm Proskauer Rose] may act as successor co-trustees under the trust.” So this is how the estimated $100 million fortune went out of Britney’s hands – and into the control of her brother and a lawyer.
So one is in charge of her, and one is in charge of her money? Can anyone explain this to me?
Tags: Britney's Brother, Bryan Spears, TrustRelated Stories
POSTED IN: Rumors & Gossip
2 opinions for Britney’s Money in the Hands of her Brother
Wake up with Snarky - Monday morning edition
Feb 18, 2008 at 8:06 am
[…] Britney’s brother is in charge of her money […]
Feb 19, 2008 at 9:59 am
Britney apparently put most of her money in a revocable trust in 2004. People with a lot of assets do this for various reasons. She named herself trustee (controls the money) and beneficiary (get’s the money & income from trust).
Usually when people set these up they name “sucessor trustees” that control the money if they’re incapacitated. For most young people this means a car accident, coma, etc.
Britney’s dad has control over all “her” assets, but the assets she put in trust are not necessarily “hers” they’re owned by a seperate entity, the trust.
Therefore they had to go to court to get the sucessor trustees permission to act, since she has been deemed disabled, and if all her money is in the trust– as has been reported; her dad probably didn’t have any money to pay her bills. So the people she named as sucessor trustees (her brother & an attorney) will be doing that, hopefully.
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