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August, 16

Britney Spears' conservators want to redraft her will - report

 
 
 
 
Britney Spears' conservators want to redraft her will - report

Britney Spears' conservators have reportedly filed legal documents requesting changes to the singer's will.

Following her infamous meltdown in 2007, Britney's her father Jamie and her attorney Andrew M. Wallet were given control of her assets including all finances, and it was reported earlier this year (17) that their conservatorship will continue indefinitely.

According to TMZ.com, Britney drafted her will before she become a mother to sons Sean Preston, 11, and Jayden James and the document reportedly stated they would inherit her entire estate when they turn 18 in the event of her death.

According to sources, the conservators now want to change the will and create a trust for the boys, who will still inherit her entire multi-million dollar estate. They believe the kids should not receive the full amount all at once at the age of 18 and are asking for permission to give them limited access to the fortune when they turn 18 and more when they turn 25. Under the proposed plan, they wouldn't receive the full amount until they're 35.

The trust would also reduce the amount of inheritance tax the estate would have to pay.

The conservators are reportedly waiting on a judge to give them permission for their new estate plan.

According to a previous report in the New York Times newspaper, Jamie is paid $130,000 (£100,000) per year by Britney to manage her affairs, while every purchase the singer makes is documented in court papers in a bid to safeguard her fortune.

And while Britney has yet to regain control of her finances, her representatives told New York Post gossip column Page Six in April that she was good with the situation.

"She is great... has shows in Asia and Tel Aviv coming up and is very happy," they said.

 

Source: www.msn.com
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