Howard Buffett explains how his childhood experiences influenced him to become a philanthropist.
In November, before the holiday season, Berkshire Hathaway CEO Warren Buffett He issued an unexpected letter to shareholders, announcing updates on what will happen to his vast fortune after his death, and offering some advice for others on how to handle how their wealth is transferred.
in message Buffett (94 years old) announced on the website of the trillion-dollar holding company that he would donate about $1.1 billion of his shares in Berkshire to his family’s four foundations, and said that his three children would be responsible for gradually distributing the rest of his property after his death. .
Famed investor Warren Buffett joined other philanthropists and influential businessmen listed on Forbes’ 100 Greatest Business Minds during Forbes Media’s Centennial Celebration at Pier 60 in New York City on September 19, 2017. (Daniel Zochnick/WireImage/Getty Images)
The tone of the letter suggests that the “Oracle of Omaha” feels his death.
“Father Time always wins,” Buffett wrote. “But he can be fickle – even unfair and even cruel – sometimes ending a life at birth or soon after, while, at other times, waiting a century or so before paying a visit. So far, I’ve been very lucky, but, Before long, he will approach me.”
Buffett noted that his children, who are now ages 71, 69 and 66, may not live long enough to distribute his estimated $150 billion fortune on their own, so three potential trustees have been appointed who could also step in to help fulfill his wishes to distribute all of his wealth. His wealth after his death.
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He explained the reasoning behind his policy that all Foundation decisions would be made unanimously, said he updates his will every few years and keeps it simple, and offered some words of wisdom to others when planning their own affairs.
“I have another suggestion for all parents, whether of modest or amazing wealth,” he wrote. “As your children mature, have them read your will before signing it.”
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“Make sure each child understands the logic of your decisions and the responsibilities they will face upon your death,” he continued. “If anyone has questions or suggestions, listen carefully and adopt those you find reasonable. You don’t want your children to ask ‘why?’ regarding will decisions when you are not able to respond.”
Buffett said that over the years, he has been a longtime business partner and friend Charlie Mungerwho died in November 2023, “saw many families separated after the dictates of a posthumous will left beneficiaries confused and sometimes angry.”
Warren Buffett, left, with his longtime friend and business partner Charlie Munger, who died last year at age 99. (Johannes Eisele/AFP via Getty Images/Getty Images)
In those cases, he said, “jealousy swells, along with actual or imagined indignities during childhood, especially when sons are favored over daughters, either in financial ways or through positions of importance.”
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“Charlie and I have also seen some cases in which a wealthy parent’s will, which was fully negotiated before death, has helped bring the family closer together,” Buffett added. “What could be more satisfying?”
*This article was originally published in November 2024.
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