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Jamie Lynn Spears

Giving Up?? Jamie Lynn Spears DROPS Bid To Take Over Britney's Trust!

Britney Spears Jamie Lynn drop bid trust control

Looks like Britney Spears’ finances won’t be a slave 4 Jamie Lynn Spears after all!

As we reported, the Zoey 101 alum asked the court to give her control of the recourses stored in a trust fund set up for the Toxic singer’s children. If her request was approved, it would have transferred the financial assets of the fund to “blocked accounts” with Fidelity Financial that Jamie Lynn controls, and would need a judge’s approval to release them.

But it appears the 29-year-old has since had a change of heart. According to court docs obtained by The Blast, the starlet informed the court she’s withdrawing her petition during a hearing this week. The reason for Jamie’s decision wasn’t exactly clear, but the outlet reported she said she “no longer wishes to pursue the path.”

Related: Britney Says She’s The ‘Happiest’ She’s ‘Ever Been’ — But Fans Aren’t Buying It!

It’s an interesting development, seeing as the younger Spears already has some say over her sister’s finances after being named a trustee of her estate, which was set up in 2004. Per previous legal docs, the Sweet Magnolias actress entered that role for Brit’s “SJB Revocable Trust,” a move that was signed off on by the pop icon’s on-off co-conservators Andrew Wallet, and their father Jamie Spears. Of course, the 2018 amendment caused some #FreeBritney supporters to believe that Jamie Lynn was forced into the arrangement.

Related: Jamie Lynn Found Out She Was Pregnant At 16 After Auditioning For Twilight

The Nickelodeon alum’s original petition to be more involved with her sister’s finances was filed in Los Angeles Superior Court back in August. The filing 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.”

The development comes weeks after Britney scored a small victory in court: a Los Angeles Superior Court judge granted a motion allowing the superstar to hire outside counsel to represent her in the ongoing conservatorship battle.

Why do U think Jamie Lynn backed down from this financial fight, Perezcious readers? Share your thoughts in the comments (below)!

[Image via Nicky Nelson/WENN]

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Nov 04, 2020 08:02am PDT