What Warren Buffett’s Will Looks Like and Where His Money Will Go When He Dies
Written by
Caitlyn Moorhead
Edited by
Molly Sullivan
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Warren Buffett recently changed his will. The chairman of Berkshire Hathaway and the Oracle of Omaha himself, who has amassed a fortune that places him among the richest people in the world, now may be switching up how his money is divvied after he dies. It won’t surprise you learn that much like Buffett’s approach to wealth throughout his life, his unique philosophy and commitment to philanthropy are reflected in his estate planning.
A New Peek Inside Warren Buffett’s Will
Buffett has long been a proponent of giving back to society. In 2006, he made headlines by pledging to give away the majority of his fortune to philanthropic causes. However, in a recent interview with the Wall Street Journal, Buffett explained that though he is still planning to leave billions of dollars to charitable causes, he no longer lists the Bill and Melinda Gates Foundation as one of the recipients.
Before Buffett’s will was edited, the largest portion of his fortune was designated for the Bill and Melinda Gates Foundation, but now, nearly all the funds from his enormous wealth will go to a new charitable trust overseen by his children.
Buffett’s relationship with the Gates family is well-documented and has made substantial contributions for 18 years, but he is quoted as saying, “The Gates Foundation has no money coming after my death.” Buffett is a billionaire many times over, and though he’s given away more than half of his shares, he still has nearly $130 billion of Berkshire stock left. The reason for the change in charitable donations is unclear.
Now, his daughter and two sons will helm the new charitable trust and will have to decide unanimously which philanthropic endeavor to undertake. However, if they are anything like their father, hopefully the gift of giving will remain strong. Or, as Buffett has said about his wealth, “It should be used to help the people that haven’t been as lucky as we have been. There are eight billion people in the world, and me and my kids, we’ve been in the luckiest 100th of 1% or something. There are lots of ways to help people.”
Charitable Contenders for Warren Buffett’s Wealth
Though Buffett’s children will be in charge of where his wealth is donated after he dies, it’s potentially an interesting dynamic as, in stark contrast to many wealthy individuals, Buffett has repeatedly emphasized that his children will not inherit the bulk of his wealth. Instead, he believes in providing them with “enough to do anything, but not enough to do nothing.”
Here are some family foundations and potential beneficiaries of Buffett’s will. He has expressed nothing but confidence in his children and has said, “I feel very, very good about the values of my three children, and I have 100% trust in how they will carry things out.”
- Sherwood Foundation: Chaired by Susie Buffett, this foundation focuses on early childhood education and promotes social justice.
- Susan Thompson Buffett Foundation: Susie Buffett also chairs this foundation that is named for her mother and helps fund college scholarships and reproductive rights.
- Howard G. Buffett Foundation: This foundation is run by Howie Buffett and works with food security, conflict mitigation and combats human trafficking.
- NoVo Foundation: This foundation is run by Peter Buffett and his wife, Jennifer Buffett, and has a primary focus on projects that promote working with indigenous communities.
Final Take To GO
The bottom line is that though Warren Buffett’s will and the subsequent distribution of his fortune have been slightly edited, what he will leave is a lasting legacy that extends far beyond his lifetime. By dedicating the majority of his wealth to philanthropic causes, he not only honors his values but also inspires others to consider the broader impact of their financial resources.
When it comes to the future execution of his will, one thing is clear, Warren Buffett’s influence will be felt for generations to come, not just through his investment acumen but through his profound commitment to making the world a better place. Warren Buffett’s approach to his wealth serves as an influential model for other billionaires and affluent individuals. His commitment to philanthropy challenges the traditional notions of wealth accumulation and inheritance, promoting a culture of giving that prioritizes societal benefit over personal enrichment.
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