Warren Buffett recently shared his most detailed plan yet for how his vast fortune will be managed after his death, reaffirming his commitment to continuing his philanthropic efforts. In a letter to Berkshire Hathaway shareholders, the 94-year-old investor reflected on mortality and acknowledged that while he has been fortunate with his long life, death is inevitable. He recalled how he once hoped his late first wife, Susan, would outlive him and decide how their wealth would be distributed.
Buffett explained that his three children—Susie, Howard, and Peter Buffett—who are now in their 60s and 70s, will be responsible for determining which charitable causes will benefit from his wealth once he passes. He trusts that they will work together to make these decisions, but in the event that they are unable to agree, he has identified three potential successor trustees, although he did not name them in the letter.
In his letter, Buffett also addressed his earlier pledge to give away his fortune, stating that the life expectancy of his children has decreased since the original pledge in 2006. He emphasized that he never aimed to create a family dynasty, and that the distribution of his wealth should be handled within his lifetime and not extend beyond his children.
As part of his ongoing donations, Buffett announced that he is converting 1,600 Class A shares of Berkshire Hathaway into 2.4 million Class B shares, which have fewer voting rights. Of these, 1.5 million shares will be given to the Susan Thompson Buffett Foundation, which honors his late wife, and 300,000 shares will go to three foundations led by his children. This contribution, valued at around $1.2 billion, is part of his broader strategy to donate his wealth. Buffett has pledged to gradually give away his fortune, currently estimated at $150 billion, with the remainder set to be donated after his death.
Warren Buffett also offered estate-planning advice to wealthy parents who may have assets that outlive them. He recommended that once children reach maturity, parents should have them review the will before it’s finalized. He emphasized the importance of ensuring that each child fully understands the reasoning behind the decisions in the will, as well as the responsibilities they will face after the parent’s passing