Warren Buffett plans to give away his fortune to charity
- Warren Buffett plans to give away his fortune during his lifetime and after his death, starting from 2006.
- He mentioned a belief that wealthy parents should leave enough for their children to have opportunities, but not so much that it becomes burdensome.
- Buffett advised all parents to have their mature children read their wills before signing for better understanding and acceptance.
In a letter to shareholders ahead of Thanksgiving, Warren Buffett shared personal reflections about his children and his commitment to philanthropy following the death of his first wife, Susan Thompson Buffett, in 2004. Buffett, now 94 years old, mentioned a commitment he made in 2006 to gradually give away his fortune, which he believed would be better utilized during his lifetime rather than leaving a significant wealth for future generations. He noted that his three children — Susan, Howard, and Peter — are now trusted to manage and gradually distribute his Berkshire Hathaway holdings after his death, as he had assessed their readiness and capability over the years. While he expressed trust in his children's ability to handle the wealth, he also pointed out the unpredictability of how future generations would approach philanthropy and wealth distribution in a changing landscape. As a precaution, he has designated potential successor trustees to assist in managing these decisions, ensuring that all philanthropic actions would require unanimous agreement among his children. Also, he provided advice to parents to engage their children in discussions about wills, emphasizing the value of listening to their input to ensure a shared understanding of his intentions. Buffett's philanthropic efforts are expected to cover a wide range of causes, fundamentally aiming to improve societal welfare while ensuring that his progeny do not endure the pressures or entitlement that can accompany vast wealth.