Warren Buffett, the CEO of Berkshire Hathaway and renowned as an investment guru with an estimated wealth of $150 billion, has disclosed his estate succession plans.
On Wednesday, Fox Business reported that Buffett, 94, sent a letter to shareholders before the year-end holidays revealing that upon his death, $1.1 billion of his estate would be donated to four family foundations. The remaining assets would be distributed among his three children.
Buffett noted that his children, aged 66, 69, and 71, are also advanced in age, and there may not be enough time to manage the division of his $150 billion estate. Thus, he has designated three professional trustees to assist them.
He stated that he has succinctly revised his will every few years, incorporating various advice he received. Buffett emphasized that all parents, regardless of their wealth, should ensure their mature children read and fully understand the will before signing.
Reflecting on his experiences with his long-time business partner and friend Charlie Munger, who passed away last November, Buffett shared that he has witnessed many families conflict over inheritance after a parent’s death, especially cases where sons are prioritized over daughters, leading to jealousy. He stressed the importance of wealthy parents discussing estate matters thoroughly with their children before death, describing it as an essential step toward family harmony.
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