What the Murdoch settlement teaches family offices about succession planning  

By Maya Tan, Content Director, Aspectus Asia 

In September 2025, the family of Rupert Murdoch ended a long-running dispute over control of his global media empire. As one of the world’s most high-profile successions, it offers sharp lessons in family office governance, communications strategies and reputation management. The dispute began when Murdoch moved to amend the family trust that had granted his four eldest children equal voting rights. The eventual settlement gives sole voting control to his eldest son, Lachlan Murdoch, while his siblings receive substantial payouts in exchange for relinquishing their claims.  

Even as headlines drew instant comparisons to the HBO series Succession, the real-world implications extend well beyond family drama. For wealthy families and family offices, the Murdoch outcome is a case study on how governance decisions, family dynamics and market perception can converge under intense scrutiny. It also reinforces that for any generational transition, succession communications and governance are no longer secondary considerations but core pillars alongside legal and financial structure. 

When governance collides with family dynamics 

Succession planning in the family office context is rarely just about who takes over. It reinforces why modern governance structures matter, with clarity over how control is transferred, value is allocated, how stakeholders perceive the change, and how reputation is managed inside and outside the family. The Murdoch settlement illustrates this clearly. A family trust was restructured, siblings were bought out, and a new governance vehicle established to secure control until at least 2050. 

What began as a private amendment to a trust quickly evolved into a public drama, drawing scrutiny as a result of the family’s prominence but more importantly, the business, political and media implications. 

For most family offices, the stakes may be lower in profile, but they are no less significant. Misalignment across generations, unclear governance roles, delayed communication, or weak external signaling can all undermine continuity, value and legacy. 

Why communications are a core pillar 

Succession is often approached as a legal or tax exercise, yet communication is the glue that links structure to stakeholder confidence. Lachlan Murdoch’s public statement describing the settlement as “great news for investors” showed that the outcome was framed not only for the family, but also for external audiences such as shareholders, markets and partners. 

For family offices and wealth managers, the challenge lies in crafting messages that are credible yet discreet, reassuring yet faithful to legacy, and clear yet sensitive to internal dynamics. Without this balance, even the most carefully constructed succession plan can falter, as uncertainty or misinterpretation can erode confidence faster than any structural flaw. 

(Also see: Mastering newsjacking: boost brand visibility and stay relevant on how to respond to current events with precision and credibility.) 

Big picture family office trends 

As family office trends in 2025 show, the global family office landscape has become more complex, and succession communications demands are evolving. Families are managing larger, more diversified assets, operating across borders, and involving more generations than ever before. These shifts have made alignment, narrative control and preparedness for scrutiny essential components of any transition plan. 

Formal succession planning remains incomplete 

The 2025 edition of the UBS Global Family Office Report shows only around 53 percent of family offices surveyed had a formal will or estate plan in place, up modestly from 47 per cent a year earlier, as reported by the Wall Street Journal. This gap between awareness and action remains one of the sector’s biggest vulnerabilities. 

Communications takeaway: Internal alignment must precede public clarity. When transition plans are incomplete, even minor information leaks or differing family statements can erode confidence among employees, partners and regulators. 

Governance and professionalization are rising in priority 

UBS data also shows that fewer than one in three family offices formally engage next-generation members early in the succession planning process. Professionalization, referring to the shift from informal family decision-making to structured governance with independent management, transparent systems and defined accountability, is now essential for long-term resilience. 

Communications takeaway: A coherent narrative that includes the voices of heirs, boards and advisors can strengthen perceptions of continuity. Silence or exclusion, by contrast, signals instability to both internal and external audiences. 

Operational risk and complexity are growing 

The same UBS study highlights that less than a third of family offices have risk frameworks extending beyond investment management, leaving gaps in areas such as governance, including privacy and reputation management challenges that affect succession readiness. 

Communications takeaway: Preparedness for scrutiny is no longer optional. A strong communications strategy must anticipate not just media attention but also questions from employees, counterparties and financial regulators. 

Ownership and investment models are shifting 

According to the Deloitte Private’s Global Family Business Report 2024, just 3 percent of family business owners plan to sell outright, while 26 percent are exploring outside investment, 19 percent non-family ownership, and 12 percent public listings. 

Communications takeaway: As ownership structures evolve, families must communicate what continuity means in practice, clarifying who holds influence, how control is exercised, and how legacy is preserved amid changing capital models. 

The global scale of family office assets intensifies signaling pressure 

Recent analysis by With Intelligence in 2025 estimates that single family offices now oversee roughly US$4.7 trillion in assets globally. This concentration of wealth brings both visibility and expectation and signifies that family offices are no longer invisible actors. 

Communications takeaway: Larger, more international portfolios invite greater scrutiny from regulators, counterparties and the media. Consistent, well-prepared communication will serve as a marker of institutional maturity. 

Together, these trends point to a clear reality. Succession planning, beyond transferring control, should focus on modernizing governance, aligning generations, and communicating purpose with confidence.  

Also see: Family Office Growth in the Middle East – How to Stay Ahead  – exploring how evolving family-office structures demand new approaches to visibility and trust. 

Non-negotiables in succession communications 

Succession planning is as much a communications exercise as it is a legal or financial one. When transitions involve multiple generations, advisors and external stakeholders, a clear and disciplined approach to messaging becomes a critical safeguard. Across our work with private clients and institutional investors, three non-negotiables consistently determine whether a succession narrative strengthens confidence or creates uncertainty. 

Internal alignment before external announcement 

Every message should begin at home. Beyond structure, families need to agree on language – how decisions will be explained and what values they represent. Clarity among family members prevents contradictions and speculation once news becomes public. 

A clear and consistent external narrative 

Succession shifts are watched closely by markets, partners and the media. An aligned story across statements, interviews and internal memos signals control and continuity. Silence or inconsistency may invite interpretation and risk. 

Preparedness for scrutiny 

Even discreet families can face attention when control changes hands. Planning for questions from employees, counterparties or journalists is essential while a measured response strategy protects reputations and reassures stakeholders that governance remains sound. 

These non-negotiables underpin the wider lessons of the Murdoch settlement. Effective succession communications depend on the same fundamentals as any well-run enterprise: clear governance, decisive alignment and the ability to articulate purpose under pressure. 

Also see: Maitland – Multi-channel approach to execute proactive and emotive thought leadership, a case study on building influence through clear, confident communication. 

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Key takeaways

Stress-test scenarios not just structures.

A succession model may be legally sound but what happens if a family member objects, a key stakeholder leaks information, or the market reads the change as a loss of confidence? Model these and build your playbook accordingly.

Shape your narrative early.

Decide how the transition will be described, by whom, to which audiences and when. Early framing matters in preventing speculation, misinterpretation or reputational damage.

Integrate communications into governance.

Treat messaging and external signalling as part of the governance framework alongside legal documents, board roles and ownership structures, not as an after-thought.

Also see: Wealth Management Marketing & Strategic PR Services  – how Aspectus helps wealth and family-office brands strengthen trust, visibility and reputation through integrated communications. 

About the author

Maya Tan is an Account Director in our Singapore office.