Everyone Said "Gimme More" in the Spears Conservatorship
Britney Spears’ conservatorship is one of the most notable to date, but it’s not only for her celebrity status. The case reveals some gray areas that could be relevant should you become involved in a conservatorship.
What Is a Conservatorship?
A conservatorship is an arrangement in which a court appoints an individual or organization to manage the personal and/or financial affairs of an incapacitated individual (the conservatee).The intention is to help the person under the conservatorship by appointing someone to make informed decisions in the conservatee’s best interest because they are not capable of doing so themselves. They are commonly created for individuals with physical or mental disabilities.
How Could You Become Involved in a Conservatorship?1
There are 3 types of conservatorships: emergency, limited, and general.
Emergency conservatorships are usually granted for a short amount of time in the event of an emergent but not permanent need. You or a loved one could find yourself in an emergency conservatorship if you become temporarily incapacitated.
Limited conservatorships grant a conservator limited controls over a conservatee’s person and/or estate. You may see this type of arrangement for individuals with developmental disabilities or special needs.
Lastly, a general conservatorship provides broad control over the conservatee’s person and/or estate. This type is common for individuals with dementia or Alzheimer’s who need more help managing their daily life and estate. You could find yourself acting as the conservator for an elderly parent or loved one. By 2050 Alzheimer’s is expected to impact 16 million Americans2 so it’s easy to see yourself becoming a conservator for a loved one or having the arrangement established for yourself.
Fiduciary Duty of Conservators3
Conservators are considered fiduciaries, which means they are legally bound to act in the conservatee’s best interest.
This could look like ensuring the conservatee’s bills are paid, managing their investments, and preparing their tax returns. They also have a responsibility to account for the conservatee’s assets and expenses and produce records showing the management decisions they made on behalf of the conservatee.
Learning from Britney Spears’ Conservatorship
In 2008 Jamie Spears was named the conservator in an emergency conservatorship set-up for Britney Spears after a series of events resulting in her being hospitalized and placed on a psychiatric hold. Later that year the emergency conservatorship turned into a general conservatorship, with Jamie Spears continuing to act as Britney’s conservator until 2020 when the court named a new conservator and then in 2021 when the conservatorship was terminated.
The conservatorship gained publicity around Britney’s personal autonomy—most notably regarding her medical decisions—but it also resulted in the examination of Jamie Spears’s role as a fiduciary.
When originally appointed as the conservator there were questions around Jamie Spears’ qualifications to uphold his fiduciary duty. He had previously filed for bankruptcy just 10 years earlier and had no professional experience managing an estate of that size.4 However, reports showed that under Jamie’s management the estate increased in size by somewhere between $28 million and $47 million in just 10 years.1 So, it was hard to say if Jamie Spears had mismanaged the funds with that type of growth. Additionally, the alternative of Britney having control of her own finances during that time must be considered—while we can’t say for certain what would have happened, her conservatorship was established for a reason.
The issue came up again when Britney pursued legal actions for the mishandling of her finances. It was discovered that there were funds unaccounted for in Britney's estate and she had no idea what the money was used for. It was then revealed that Jamie Spears paid himself a percentage of Britney's profits from shows and merchandise sales.1 This is common practice for managers or professional conservators because they are in a traditional role in which they are paid a fee for their services. However, it brings up an interesting question about compensation for non-professional conservators. It could be seen that Britney’s father mishandled her finances by taking his cut. In contrast, you could argue that the time he spent managing his daughter and her estate deserves compensation, just like they would pay a manager or financial advisor.
Conservatorships are complex and as the Spears case showed us, there are still ambiguities that the law doesn’t cover. So, it’s important to evaluate all your options for care if you become incapacitated and put your wishes into writing. Additionally, it’s helpful to have these conversations with your loved ones in the event that you need to step into the role of a conservator.
1. https://keystone-law.com/britney-spears-conservatorship
2. https://www.alzheimers.net/alzheimers-statistics
3. https://www.thebalance.com/duties-and-responsibilities-of-a-guardian-or-conservator-3505432
4. https://www.the-sun.com/entertainment/3362629/britney-spears-conservator-investigate-finances-money-missing-dad-jamie/
