Britney’s parents finally stepped in and took control of their out of control daughter’s future and she’s grounded until at least Monday. And, its about time!
Brit’s a perfect example of what happens when kids get control of big money too young and why you want to make sure you’ve set up your estate plan for your kids to make sure they never get outright control of the money you’ll leave behind for them too early.
Almost universally, when setting up trusts for their kids, my clients don’t give their kids the possibility of financial control over family wealth until they are over the age of 30 because they know what could happen when kids’ get control too soon.
The Spears’ family didn’t have that option because Britney earned her money, so the day she turned 18, Britney had no restriction on how to use her money. Less than 8 years later, she’s spiraled out of control and while she may have plenty of money left still, she may never get to enjoy it if she doesn’t learn the lessons her parents didn’t have the chance to teach her while she was busy becoming a superstar. I hope her parents will have the fortitude to get her back on track.
Yesterday, Brit’s dad took the first step by filing for conservatorship over Britney’s person and her estate.
What does this mean?
By being appointed as the conservator of Britney’s person, dad Jamie is given the right to control who gets to see her and where she goes, plus he can get access to her medical records and depending on the paperwork filed, he could also get the right to make medical decisions for her.
As co-conservator of her estate (with lawyer Andrew M. Wallett), Jamie now controls access to Britney’s credit cards and bank accounts.
Effectively, Jamie Spears is back in control of his daughter’s financial and physical well-being. He’s been given the legal authority to be a dad again and ground her.
The conservatorship is temporary until Monday, but I have to imagine it will extended. This is certainly a case where it’s needed.
Brit’s grounded for now and let’s hope that the Judge sees how much this girl needs her parents back in the driver’s seat for a while.
Don’t worry Brit, I was grounded for 3 months when I was 14 and it was the best thing that ever happened to me. Your parents are doing this because they love you and as soon as you get that, you can start to turn your life around too. It’s not too late.
© 2008 Alexis Martin Neely
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