Warren Buffett reveals plans for his huge wealth after death
Warren Buffett, the 93-year-old chairman of Berkshire Hathaway, has revised his will, revealing a new plan for his fortune after his death.
He informed the Wall Street Journal that he will no longer continue donations to the Bill & Melinda Gates Foundation posthumously. Instead, his wealth will be managed by a new charitable trust overseen by his three children, who each have their own philanthropic organizations.
Buffett expressed confidence in his children’s values and their ability to manage his wealth effectively, stating, “I feel very, very good about the values of my three children, and I have 100% trust in how they will carry things out.”
Previously, his will allocated over 99% of his estate to the Gates Foundation and four family-related charities: the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation.
While Buffett will continue to support the Gates Foundation during his lifetime, Berkshire Hathaway announced that he is converting approximately 9,000 Class A shares into more than 13 million Class B shares. Of these, around 9.3 million shares will go to the Gates Foundation Trust, with the remaining shares distributed among the four family charities.
Mark Suzman, the CEO of the Gates Foundation, acknowledged Buffett’s generosity, noting his contributions of about $43 billion over 18 years. Despite Melinda Gates’s departure from the foundation in June, the organization remains grateful for Buffett’s latest donation.
