Britney
Spears's estimated $100 million fortune is now out of her hands � and
under the control of her brother and a lawyer, a court ruled Thursday.
And 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 her daily
expenses.
Bryan
was made a co-trustee to his famous sister's SJB revocable trust, where
the singer keeps most of her money, according to court documents.
So
what does it mean to be a trustee? Bryan � along with Ivan Taback, a
partner in the personal planning department of the New York-based law
firm Proskauer Rose who was also named a co-trustee � now have the
power to pay for Britney's "continued security, medicine, food, other
day-to-day expenses and for psychiatric and other medical services,"
according to court documents.
"This
is nothing new," says Bryan Spears. "This was a decision made some time
ago and signed off on by Britney, before she was married to Kevin,
before she had kids. As with anyone with a large trust, trustees were
named. This is nothing new." Indeed, Bryan and Taback were made
co-trustees because of an existing clause in the trust. According to
the trust, if Britney stops being a trustee, "then Bryan Spears… and
Ivan Taback may act as successor co-trustees under the trust."
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,
which also extended her father Jamie's co-conservator role until March
10.
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 documents also state that the trustees can't sell or lease
Britney's home without a court order, nor can they remove any of
Britney's property from California.
The
trustee appointments were made a week after conservatorship attorneys
were granted the right to fire Britney's business manager, Howard
Grossman.
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