Warren Buffett: The 1 Piece of Money Advice Every Parent Needs To Follow
Written by
Gabrielle Olya
Edited by
Molly Sullivan
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Warren Buffett is well-known for his skills as an investor, but his financial expertise goes beyond the market. In a November 2024 Berkshire Hathaway press release, Buffett shared a very practical piece of money advice that any parent can learn from.
Here’s the advice Buffett wants every parent to follow.
Get Your Children Involved in Estate Planning
In the press release Buffett shared a “suggestion for all parents, whether they are of modest or staggering wealth.”
“When your children are mature, have them read your will before you sign it,” he wrote. “Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death. If any have questions or suggestions, listen carefully and adopt those found sensible.
“You don’t want your children asking ‘Why?’ in respect to testamentary decisions when you are no longer able to respond.”
Buffett said that he has taken his own advice.
“Over the years, I have had questions or commentary from all three of my children and have often adopted their suggestions,” he wrote. “There is nothing wrong with my having to defend my thoughts. My dad did the same with me.”
Buffett said that he makes minor changes to his will every couple of years but always keeps things simple for the benefit of his heirs.
The Risk of Not Discussing Your Will Ahead of Time
Buffett said that he has seen firsthand what can happen when children are not informed about the contents of a will prior to a parent or guardian’s death.
“Over the years, Charlie [Munger, former vice chairman of Berkshire Hathaway] and I saw many families driven apart after the posthumous dictates of the will left beneficiaries confused and sometimes angry,” he wrote. “Jealousies, along with actual or imagined slights during childhood, became magnified, particularly when sons were favored over daughters, either in monetary ways or by positions of importance.”
On the flip side, discussing your estate plan openly with your children can be a beneficial experience.
“Charlie and I also witnessed a few cases where a wealthy parent’s will that was fully discussed before death helped the family become closer,” Buffett wrote. “What could be more satisfying?”
Tips From Estate Planning Experts
Estate planning experts agree that it’s best for parents to discuss the contents of their wills while they are still living.
“Warren Buffett’s words are a timeless reality of estate planning, highlighting how clarity upfront makes it easier to avoid conflict down the line,” said Howard Enders, COO of The Estate Registry, a fintech platform for digital estate and asset management.
“Openness, particularly about complicated or specific desires, alleviates emotional burdens and confusion for families,” he said. “Discussing your plans with children early lets them learn about not only what they’ll receive, but also why things were done a certain way and what actions they’ll have to take after you pass. This can minimize conflict risk, safeguard digital and financial assets from loss, and foster a sense of shared understanding.”
How involved your children should be in the estate planning process depends on their age, maturity and role in your plan, said Craig Parker, assistant general counsel at Trust & Will, a digital estate planning platform.
“For adult children, it’s wise to share key details about your estate plan, especially if they’re named as executors, trustees or powers of attorney,” he said. “They don’t need every financial detail, but they should understand their responsibilities, the structure of your plan and the reasons behind major decisions. Involving them can also reveal practical issues you hadn’t considered, like who’s realistically willing or able to serve as executor.”
Parker noted that there are some risks in discussing your final wishes openly, but ultimately, it can prevent greater conflict down the line.
“The biggest risk is creating conflict or tension among siblings, especially if your decisions are perceived as unequal or unfair,” he said. “Some parents worry that sharing the plan will trigger debates or hurt feelings. Others fear losing privacy or control over their choices. That’s why it’s important to frame the conversation carefully — you’re not negotiating your plan, you’re offering clarity and inviting input.
“Ultimately, a little discomfort now can prevent much bigger problems later.”
More From GOBankingRates
Sources
- Berkshire Hathaway Inc. News Release (Nov. 25, 2024)
- Howard Enders, The Estate Registry
- Craig Parker, Trust & Will
