Britney Spears' Sister Jamie Lynn Drops Move To Become Head Of Singer's Trust
By Ryan Naumann on November 3, 2020 at 5:55 AM EST
Britney Spears' sister Jamie Lynn Spears has dropped the petition in court that would allow her to be more involved in her sister's finances.
According to court documents obtained by The Blast, Jamie Lynn has informed the court she is withdrawing her petition and no longer wishes to pursue the path. The decision was revealed during a court hearing this week in the matter.
The original petition was filed in Los Angeles Superior Court back in August. Jamie Lynn Spears becoming involved in Britney's case surprised many fans.
According to court documents, Britney is the sole beneficiary of the SJB trust. In the petition, Jamie Lynn asked the court to allow her to work with Fidelity Financial. She wanted to create "blocked accounts" that will hold all of Britney's assets and serve as advisors with her investments.
The documents read, "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."
As The Blast first reported, earlier this year, Jamie Lynn told the court she had been named the trustee of a trust that holds the massive fortune belonging to the pop star.
The legal documents stated said 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 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.
Jamie Lynn's decision to withdraw her petition is interesting given Britney recently scored a huge victory in court. Earlier this month, a Los Angeles Superior Court judge granted a motion allowing Britney to hire outside counsel to represent her in the conservatorship battle.
Britney's father had been objecting to the decision and arguing she did not have the mental capacity to make her own life decisions. He has consistently trashed the #FreeBritney supporters who believe the singer should be freed from her 12-year conservatorship.
Earlier this week, Britney reappeared on social media for the first time in two weeks. Many fans were worried about her since she normally is an active poster on Instagram.
She reassured her fans that everything was okay and she was the happiest she's ever been in life. She told them, "So I know there have been a lot of comments and a lot of people saying a lot of different things about me. I just wanted to let you guys know that I'm fine, I'm the happiest I've ever been in my life."
