Warren Buffett, the renowned investor and founder of Berkshire Hathaway, recently disclosed his plans for his vast $130 billion fortune after his passing. In an interview with The Wall Street Journal, Buffett expressed his intention to establish a charitable trust to assist those less fortunate. He emphasized that his fortune should be used to help people who have not been as fortunate as himself and his family.
Buffett’s three children, Howard, Susan, and Peter, will manage the trust. However, in order for any donations to be made, all three children must agree on the cause. Buffett highlighted that he and his children have been among the luckiest individuals in the world, and it is their responsibility to give back. He firmly believes that there are numerous ways to help people in need.
Back in 2006, Buffett committed to making annual donations to the Bill and Melinda Gates Foundation and four foundations associated with his family. Until now, it remained unclear what would happen to his fortune after his death. However, in the recent interview, Buffett revealed that the donations to the Gates Foundation would cease upon his passing.
While Buffett trusts his children’s values and decision-making abilities, he has not provided them with instructions on how to spend the money. He expressed confidence in his children’s ability to carry out his philanthropic vision.
In a statement released on June 28, Buffett stated that the full details of his will would remain confidential until his death. However, he shared that his November 21, 2023, letter to shareholders outlined the procedures of his will, which are unlikely to change before his passing. In this letter, Buffett acknowledged his advanced age but expressed a positive outlook while shedding light on the future governance of his fortune.
Buffett disclosed that his three children would serve as executors of his will and trustees of the charitable trust that would receive over 99 percent of his wealth. In 2006, when Buffett began giving away his fortune, his children were not ready for the immense responsibility. However, he stated that they are now prepared.
In the June 28 statement, Buffett announced his donation of $5.3 billion in Berkshire Hathaway stock to the Bill and Melinda Gates Foundation and four family charities. This marked his largest annual donation thus far, bringing his total charitable giving to approximately $57 billion.
Despite having given away more than half of his Berkshire stock since 2006, Buffett still retains about one-seventh of the outstanding shares. He clarified that he has no debts, and his remaining shares are worth around $127 billion, accounting for nearly 99.5 percent of his net worth. Buffett emphasized that his will ensures that more than 99 percent of his estate will be used for philanthropic purposes.
In addition to the Bill and Melinda Gates Foundation, Buffett has made significant donations to the Susan Thompson Buffett Foundation, which supports access to abortion drugs; the Howard G. Buffett Foundation, focused on alleviating hunger and improving public safety; The Sherwood Foundation, which aids Nebraska nonprofits; and the NoVo Foundation, which champions initiatives for minority girls and women.
Through his philanthropic endeavors, Warren Buffett aims to make a lasting impact on society and address various social issues. He hopes that his wealth will continue to benefit those in need long after he is gone.
