Legendary investor Warren Buffet has given the public a glimpse into his will, revealing how he intends to use his $130 billion fortune to help those in need.
The 93-year-old chairman and CEO of Berkshire Hathaway said that after his death, almost all of his immense wealth will go to a charitable fund, which will be managed by his daughter and two sons.
Buffett also clarified that his donations to the Bill and Melinda Gates Foundation would end.
“The Gates Foundation will not receive any money after my death,” Buffet said The Wall Street Journal.
Legendary investor Warren Buffet, 93, has given the public a look at his will, revealing how he intends to use his $130 billion fortune to help those in need.
The active philanthropist has already divested more than half of his shares in Berkshire Hathway, a multinational holding company of which he gained control in 1965.
On Friday morning, Buffett made his latest round of charitable donations, leaving him still in possession of nearly $130 billion in company stock.
To donate money to the trust, Buffet’s three children will have to be in complete agreement about the causes they choose to sponsor.
The Berkshire Hathaway chairman and CEO said that after his death, almost all of his immense wealth will go to a charitable trust, which will be managed by his daughter and two sons; Pictured (far left) daughter Susan, (center-right) son Howard, (far right) son Peter
However, the billionaire has not prescribed exactly how his children should use the money, offering them little more than his philosophy of giving back.
“It should be used to help people who haven’t been as fortunate as we have,” said Buffet, who lives in Omaha, Nebraska.
“There are eight billion people in the world, and me and my kids are in the luckiest one-hundredth percent, or something like that. There are so many ways to help people.”
To donate money to the trust, Buffet’s three children must be in complete agreement on the causes they choose to sponsor.
Buffet changed his will several times, but arrived at the current version after seeing how his children had matured over the years.
In 2006, Buffett, who had previously maintained that he would preserve philanthropy until his death, changed his mind and announced his desire to donate.
He pledged to make annual donations to the Gates Foundation, as well as four foundations associated with his family.
At the time, however, what he would do with his immense fortune after his death remained a mystery.
But Buffett about launching the charitable foundation for his children instead of continuing to contribute to the five foundations after his death.
The Nebraska billionaire has changed his will several times, but told the Diary who came to the current version after “seeing how his children matured over the years.”
Buffet’s daughter, Susie, is the oldest in the family, at 71 years old. Like her father, she lives in Omaha, where she chairs the Sherwood Foundation, an organization that advocates for early childhood education and social justice.
Susie also chairs the Susan Thompson Buffet Foundation, which is dedicated to supporting reproductive rights and providing college scholarships.
Howie Buffet, 69, lives in Illinois, where he farms and runs the Howard G. Buffet Foundation, which focuses on food security, conflict mitigation and reducing human trafficking.
Along with his sister, Howie serves on Berkshire’s board of directors.
“I feel very, very good about the values my three sons have and I have 100 percent confidence in how they will carry things out,” Buffett said proudly.
Peter Buffet, the youngest, at 66, is a composer who lives near Kingston, New York. Along with his wife, Jennifer Buffet, he runs the NoVo Foundation, which has worked with indigenous communities.
“I feel very, very good about my three children’s values and I have 100 percent confidence in how they will carry things out,” Buffett said proudly.
He added that after his death, his children will have an obvious advantage over him in determining how to make the best use of his fortune.
‘I like to think I can think outside the box, but I’m not sure I can think outside the box when I’m 6 feet below the surface and do a better job than three people who are on the surface and who I trust completely.’
