Sunday, June 30, 2024

Warren Buffett Gives Us a Preview of His Will

Screenshot 2024-06-29 at 8.49.22 PMIn an interview with The Wall Street Journal, Buffett—the chairman and chief executive of Berkshire Hathaway—said that after his death nearly all of his remaining wealth will go to a new charitable trust overseen by his daughter and two sons. The legendary investor also made clear his giving to the Bill & Melinda Gates Foundation, to which he has donated billions, will come to an end. 

His three children must decide unanimously which philanthropic purposes the money then goes to serve. Buffett, who is 93 years old, said he hasn’t laid out marching orders for Susie, Howie and Peter Buffett. But he shared his personal perspective about giving. Buffet instructed his children to “help the people that haven’t been as lucky as we have been” and has done so already through the Gates Foundation, as well as 4 other foundations connected to his family. 

Buffett served as a trustee of the Gates Foundation until 2021; he resigned less than two months after the couple announced their plans to divorce. Melinda French Gates recently resigned from the foundation, with her last day earlier this month. Buffett declined to say how long his estate plan had been in place. He described its contours in a November press release about supplemental gifts of Berkshire shares to the four family foundations. 

For more information see Karen Langley “Warren Buffett Gives Us a Preview of His Will“, The Wall Street Journal, June 28, 2024.

Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.

Death Event Planning, Estate Administration, Estate Planning – Generally, Trusts, Wills | Permalink


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