Rupert Murdoch has been denied the choice to modify his family trust as he sees fit. The commissioner has decided that he must leave his irrevocable trust as is, which apparently leaves his company to his four children as equal owners.
We recently set up a trust for our family. I can only guess that ours has fewer and less valuable assets than Murdoch’s. But like Murdoch, we set it up with our children as equal recipients of the assets. I can’t imagine a situation in which we would ever want to change that. My children all have an equal part of my heart. If I owned a huge corporation, perhaps I’d have a different outlook.
Do you have an irrevocable trust? How would you manage a situation like this? Is it possible for adult children to carry out their father’s wishes despite their own opinions of how a company should be led?
Let us know what you think!
How would you handle this?