Berkshire Hathaway chairman and American businessman, investor and philanthropist Warren Buffett has shared his biggest plan yet for what will happen to his estate after his death. He also announced that he will continue to donate his astonishing wealth. Buffett, 94, wrote a letter of about 1,300 words to shareholders in this regard. He reflected on the nature of death while discussing the letter, CNN reported, in which he mentioned how he once hoped his late first wife would survive him and decide how his estate would be distributed.
Know what was said about your children
According to the news story, Buffett wrote that he hopes his three children, Susie, Howard and Peter Buffett, who are in their 60s and 70s, will live long enough to decide where their father’s estate will be donated to charitable causes. When Buffett passes away, they will be tasked with unanimously deciding how his estate will be distributed.
Three possible successor trustees named
Buffett also named three potential successor trustees in case his children are unable to determine the fate of his estate, Buffett said. However, he did not mention his name in the letter. Buffett further writes that since the 2006 engagement, my children’s life expectancy has decreased materially. I never aspired to create a dynasty or make plans beyond having children.
He made this announcement about stocks.
Buffett also announced that he would convert 1,600 Class A shares of his company into 2.4 million Class B shares, which have fewer voting rights. Of those shares, 1.5 million shares will be donated to the Susan Thompson Buffett Foundation, named after his late first wife, and 300,000 shares will be donated to three other entities run by his children, all worth approximately $1,200. million dollars.
The remaining property will be donated after death.
The donations are in addition to annual donations to the four family foundations, as well as the Bill & Melinda Gates Foundation. Since 2006, Buffett has continually pledged to give away his wealth, which Bloomberg estimates is estimated at $150 billion. He has said the remaining property will be donated after his death.
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