Warren Buffett reveals detailed plan for his fortune after death, wishes children to make philanthropic decisions
Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, has shared his most comprehensive plan yet for the distribution of his immense fortune after his passing.
In his annual tradition of Thanksgiving giving, Buffett announced on Monday (Nov. 25) that he will donate over US$1.1 billion worth of Berkshire Hathaway stock to four family foundations. At the same time, he outlined how the remainder of his wealth would be allocated.
In a letter to shareholders, the 94-year-old billionaire reflected on life's impermanence, mentioning how he once envisioned his late first wife, Susan Thompson Buffett, deciding how to distribute their wealth. However, with her passing in 2004, Buffett now hopes his three children — Susie, Howard, and Peter Buffett — will live long enough to determine which philanthropic causes the bulk of his fortune will support after his death.
Buffett has also appointed three potential successor trustees to handle his wealth if his children are unable to fulfill the responsibility. However, he chose not to disclose their names in the letter. "I've never wished to create a dynasty or pursue any plan that extended beyond the children," Buffett wrote.
As part of his latest philanthropic efforts, Buffett announced he is converting 1,600 Class A shares of Berkshire Hathaway into 2.4 million Class B shares, which carry fewer voting rights. Of these, 1.5 million shares will be donated to the Susan Thompson Buffett Foundation, and 300,000 shares will be divided among three foundations led by his children. The total gift is valued at approximately US$1.2 billion.
Since 2006, Buffett has pledged to gradually donate his wealth, estimated at around US$150 billion, according to Bloomberg. He also said that the rest of his wealth will be given away after his death.
Related News:
Comment