Britney Spears’ estimated $100 million fortune is now out of her control, but it’s in good hands – those of her brother, Bryan Spears, and his lawyer.
For 30-year-old Bryan Spears, that means a big new role – keeping tabs on everything from cash to pay for medicine to money for daily expenses.
Bryan Spears was made a co-trustee to his famous sister’s revocable trust, where the singer keeps most of her money, according to court documents.
So what does it mean to be a trustee?
Bryan Spears, along with Ivan Taback, a partner in the New York-based law firm of Proskauer Rose, who was also named a co-trustee – have the legal power to pay for Britney Spears’ “continued security, medicine, food, other daily living expenses, and expenses pertaining to psychiatric and medical services.”
Bryan Spears, who normally keeps a low profile, is helping Britney Spears get back on track as the co-trustee of her estate. Britney is being treated for bipolar disorder.
“This is nothing new,” Bryan Spears said. “This was a decision made some time ago and signed off on by Britney, before she was married to Kevin Federline, before she had kids. Anyone with a large trust, trustees are named. This is nothing new.”
The troubled 26-year-old singer, who was recently released from the UCLA Medical Center psych ward, has been stripped of her trustee powers because she is currently considered “legally disabled” by the court.
A judge has also extended the conservator role of her father, Jamie Spears, until March 10, when another hearing on her progress will be held.
The motion to make Bryan and Taback co-trustees was filed by Taback’s law firm. However, according to the motion, neither party can act unilaterally, but require “unanimous consent” with the other trustees to act.
The co-trustees can’t sell or lease Britney Spears’ home without a court order, nor can they remove any of Britney’s property from the state.
The trustee appointments were made a week after the conservators were granted the right to fire Britney’s business manager, Howard Grossman.
They have also sought a restraining order against her “friend” Sam Lutfi, which has been granted, although the evil one has yet to be formally served.