Rupert Murdoch currently has an Irrevocable Trust that will have an impact on several media outlets. It stipulates that his four oldest children will determine what happens with his media empire after his death. However, Murdoch has now decided that he wants to alter this Trust. His plan is to ensure that only one child, Lachlan, retains control, instead of giving all four children a say.

The update to his Trust is to ensure family harmony and reduce the chances of the fighting that may occur if all four children have a say in how things operate or whether any changes are made. Right now, the legal maneuvering is taking place in a probate court in Nevada and has been kept under wraps as much as possible. The Trust cannot be revoked, but it can be changed if all the trustees agree or if Murdoch can show that the change is in good faith and beneficial to the Trust and its beneficiaries.

His children haven’t commented on the proposed change, but Murdoch’s argument is that he’s concerned about fighting and other issues if all four of the children are in control and have to work together. There are differing lifestyles, opinions, and political views among them which could lead to problems with managing the Trust effectively. However, it remains to be seen whether Murdoch will be successful in making the desired changes.

If the court finds that the suggested change isn’t in good faith it could deny the request and all four of the children would gain control when Murdoch passes away. There’s no word on how long it may take the court to make a decision or whether Murdoch is concerned that his passing may be before a decision is made.

Nevada offers a lot of secrecy and protection surrounding Trusts, so it may be difficult to discover the outcome of the proposed changes unless Murdoch or one of his children speak openly about the issue. With the level of media influence Murdoch currently has, who controls his Trust and that person’s views on politics and other important issues could make a significant difference in what happens to outlets such as Fox Corp. and News Corp. after Murdoch’s passing.

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