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Britney Spears' 'conservatorship under her father James to continue for the rest of the singer's life'

Published: 08:44 EST, 3 August 2015 | Updated: 16:40 EST, 3 August 2015

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Britney Spears' long-running conservatorship under her father may continue for her entire life, according to new reports.

The pop icon, who was originally put under conservatorship of father James Spears in early 2008, is thought to have had such a successful run under his guidance, it will carry on indefinitely.

According to TMZ, sources have claimed that the situation 'could last a lifetime' and that there is currently no plan in place for it to come to an end.

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Will it continue? According to TMZ sources, Britney Spears' conservatorship under her father James Spears will stand for the rest of her life

Britney, 33, was originally put under the court-ordered conservatorship - a legal notion which allows a guardian to oversee another's finances and other aspects of their life - in January 2008 after a bout of worrying behaviour and ill health.

The mother-of-two had been hospitalised after a custody disagreement with her ex-husband Kevin Federline, while also being found to be under the influence of a substance.

Following her stint in hospital - and after being put under an involuntary psychiatric hold - a judge ordered her to be put under conservatorship of her father.

James has had control of the singer's fortune and almost every other aspect of her life after she had her notorious public meltdown.

Looking after her: James was made Britney's legal conservator in early 2008, following her very public meltdown

At the height of her very public problems, she lost custody of her sons Sean Preston and Jayden James for a long spell which prompted a rant outside Federline's LA home, resulting in a shaven-headed Britney rampaging with an umbrella.

And now, over seven years later, the scheme has proved successful: it was previously revealed that the conservatorship was worth $14m in 2012, just a fraction of superstar Britney's overall worth.

The gossip site stressed to add that the Baby One More Time hitmaker has 'substantial day-to-day freedom' when it comes to making her own decisions, but that the whole situation may long continue in order to keep her on the straight and narrow.

Happy days: Britney, 33, has cleaned up her life since her breakdown over seven years ago, and is in a great place, both personally and financially

When her father began overseeing her finances, they were said to be in a state of disarray but are now under control.

TMZ also claimed that Britney herself is happy for the conservatorship agreement to continue.

Meanwhile, the star is in great financial shape at the moment, in the midst of her hugely popular Las Vegas residency at Planet Hollywood.

In October 2014, Britney signed a $12m deal to continue her sell-out performances on stage at Planet Hollywood, which has seen a huge £20m in earnings since she took up her residency in December 2013.

Superstar power: Since 2013, Britney has been raking in the big bucks in her Las Vegas, and it's reported she will sign up for more shows

Britney Spears walks the 2015 ESPY Awards red carpet

However, E! News reported last week that, while Britney is currently in talks to extend her residency, there has been no final decision made. A deal is on the table and she is considering the offer.

If she doesn't sign, the last of her 142 shows at The Axis venue will run from August through to October with the final performances over the New Year's weekend.

She's currently taking a well-earned break from her gruelling schedule, recently enjoying a sunny getaway with her sons in Hawaii before she returns to the stage in Las Vegas.

MailOnline has contacted Britney Spears' representative and is awaiting comment.