At the age of 93, Rupert Murdoch is worth more than $23 billion, Forbes reports.

While most business owners are long retired by this age, Murdoch retains control over his media empire, within which he owns Fox News, the Wall Street Journal, The Times, HarperCollins publishers, and several more British, US, and Australian newspapers.

In the latter months of 2024, you might have seen this story reported in the news: Murdoch lost a legal battle against his own children, in which he attempted to wrestle the succession of Fox News from three of his children in order for his son, Lachlan, to inherit the outlet in its entirety.

Murdoch had previously written into trust that his eldest three children would receive equal shares of the company upon his death, and despite going to court to try to change this, was unsuccessful.

While your own business holdings may not equal those of Mr Murdoch, his public feud with his family could teach you something valuable about your own personal finance journey, particularly where estate planning is concerned.

Let’s take a look at three important lessons to take from Murdoch’s recent debacle.

1. Your estate plan should be reviewed regularly, rather than being set in stone

An “estate plan” describes any planning relating to how your wealth will be managed by others once you pass it down, whether before or after your death.

Rupert Murdoch, according to several reports, established a family trust in 1999 that stipulates his eldest three children will receive equal shares of Fox News and other corporations when he dies. In 2024, he tried and was unable to undo this decision.

While it’s not always advisable to chop and change your estate plan on a regular basis, it is wise to treat estate planning as an ever-evolving project.

Rather than having a “set and forget” mindset with regards to your will and business succession plan, remember that as you age, your priorities and wealth circumstances may change.

Making sure you perform an annual review of your estate plan, and thinking very carefully before making irreversible decisions, might help to ensure your wishes are carried out to the letter after you pass away.

2. Family disputes can be very costly – but there are steps you can take to avoid them

Even if you aren’t a world-famous media mogul, an inheritance dispute could cost your family a small fortune in legal and administrative fees.

One news story from The Irish Times, published in 2023, revealed that a Dublin family faced €106,000 in fees after a complicated dispute over a family member’s estate.

It won’t always be possible to “bulletproof” your estate against costly legal disputes after your death. But there are definitive steps you can take towards protecting your wealth, and your family’s emotional wellbeing, against this kind of conflict.

While forming your estate plan, remember to:

• Write a legally valid will
• Discuss your choices with your beneficiaries ahead of time
• Consider tax-efficient gifting options during your lifetime
• Work with the relevant professionals to ensure your inheritance decisions are legitimate and fair.

Taking proactive steps to evade potentially costly and upsetting disputes could leave your beneficiaries in a much better position in future.

3. Financial and legal professionals can help you manage your assets and make plans for the next generation

Although Rupert Murdoch lost the legal battle against his children in December 2024, he likely has a team of rigorous professionals helping him to manage his estate and make informed decisions.

What’s more, his three children who won the fight, Prudence, Elisabeth, and James, are likely to all have a similar infrastructure around them, as they stand to inherit millions.

If you’re a business owner creating a succession plan alongside a personal estate plan, it is crucial to build a team of professionals that supports you in your endeavours. Your personal wishes need to align with your tax position, health circumstances, and your beneficiaries’ needs and desires, making for a challenging balancing act if you attempt to go it alone.

Here at iQ, we pride ourselves on working exclusively with business owners and their families.

To learn more about managing a complex estate and protecting your wealth from future conflicts, email us at clients@iqf.ie, or call 353 71 915 5560.

Please note

This article is for information only. It does not constitute advice.

It describes financial planning services that iQ Financial can offer to you. Financial planning services are not regulated by the Central Bank of Ireland.

iQ Financial is not a tax adviser and tax advisory services are not regulated by the Central Bank of Ireland.