The following italicized article is taken from www.people.com:Britney Spears's $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 named 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.
Bryan and Taback were named 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.
Source: People
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