Conservative media titan Rupert Murdoch is making news again – this time, with a secretive effort to change an irrevocable trust. Under the current terms of the trust, upon Murdoch’s death, his four oldest children – Lachlan, James, Elisabeth and Prudence – will have “an equal voice” in determining the future of the news empire. In any state, including Nevada, irrevocable trusts can be altered by court order if the settlor and all beneficiaries agree to the modification. That may be one reason the Murdoch Family Trust is located there. But when the next generation lacks a shared vision for the future of that business, even irrevocable trusts can’t ensure family harmony.

Source: New York Times July 31, 2024 12:16 UTC