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Amanda Bynes‘ parents Rick and Lynn plan on surrendering their roles as the conservator to their daughter, according to TMZ.

The parents of the troubled actress will ask the judge to transfer the conservatorship to a “mental health professional who specializes in handling people with severe mental illnesses.”

Another person will be granted the power over Amanda‘s financial matters.

After the conservatorship details are worked out, Rick and Lynn plan on moving to Texas to be near their older daughter. They believe that they don’t have what it takes to control Amanda and hope that if someone else has power over her finances that they can have a relationship with their daughter.

WHAT DO YOU THINK of the latest development in Amanda Bynes’ case?

Amanda Bynes‘ parents Rick and Lynn have gotten a conservatorship over their daughter’s financials.

According to TMZ, the 28-year-old former actress’ parents were concerned that their daughter spent “alarming amounts” of money after buying high end jewelry and giving it out to strangers. Amanda‘s parents previously had a conservatorship when their daughter was ill and in the hospital last year.

Amanda‘s psychiatric hold was just extended for an additional month after spending approximately two weeks in a hospital. Doctors feel Amanda is still “very ill” and a court granted the extension.

Amanda Bynes‘ siblings have released a statement in support of their parents after their sister made claims that her father abused her as a child.

“We are disturbed beyond words that Amanda would come up with such a fabrication as a way to avoid getting much needed help or treatment,” Jillian O’Keefe and Tommy Bynes told TMZ in a statement through their lawyer. “We are pained by her [Amanda's] behavior but we absolutely give our full unconditional love and support to our wonderful parents.”

Jillian and Tommy also said that they have “the most wonderful parents who have ever lived.”

Amanda‘s mom Lynn has also spoken out against the claims, which the former actress ended up retracting.

Amanda Bynes‘ mom Lynn is speaking out after her daughter made some shocking accusations claiming that her father Rick sexually abused her as a child.

“I am heartbroken today for my husband of 47 years,” Lynn said in a statement to E! News through her attorney Tamar Arminak. “Rick has been the best father and husband a family can ask for. He has never abused Amanda or our other children physically or sexually. These accusations are absolutely horrible and could not be further from the truth! These allegations stem from Amanda‘s mental state at the moment. They have no basis in reality. It saddens me beyond belief that my husband’s character could be slandered in such a way.”

“My clients are heartbroken by these false accusations. Their older children are also horrified at the situation,” the lawyer added in a statement to TMZ.

Earlier today, it was reported that Lynn and Rick were on their way to New York to try and get Amanda to admit herself into a mental health facility, but they were unable to locate their daughter.