Warren Buffett Reveals Plans For $130 Billion Fortune In His Will
https://www.zerohedge.com/personal-finance/warren-buffett-reveals-plans-130-billion-fortune-his-will
Famed investor Warren Buffett has revealed details of his will, with the 93-year-old founder of Berkshire Hathaway charting a charitable course for his vast $130 billion fortune after he passes away.
In an interview with The Wall Street Journal, Mr. Buffett said that he intends for nearly all of his immense fortune to be put into a charitable trust that will be used to help the less fortunate.
“It should be used to help the people that haven’t been as lucky as we have been,” Mr. Buffett told the outlet.
His three children—Howard, Susan, and Peter Buffett—will manage the trust, he said. In order for a donation to be made, all three will have to be in agreement on the cause, he said.
“There’s eight billion people in the world, and me and my kids, we’ve been in the luckiest 100th of 1 percent or something,” Mr. Buffett said.
“There’s lots of ways to help people.”
In 2006, Mr. Buffett committed to making annual gifts to the Bill and Melinda Gates Foundation, as well as four foundations associated with his family.
At the time, it was a mystery what he would do with his fortune after his death. However, in the June 28 interview, Mr. Buffett revealed that the donations to the Bill and Melinda Gates Foundation would come to an end.
“The Gates Foundation has no money coming after my death,” Mr. Buffett told the outlet.
Besides that, the billionaire investor hasn’t prescribed to his children how to spend the money.
“I feel very, very good about the values of my three children, and I have 100 percent trust in how they will carry things out,” Mr. Buffett said.
In a press release issued on June 28, Mr. Buffett said the full contents of his will are to stay secret until his death, but that his Nov. 21, 2023, letter to shareholders set forth procedures of his will that are “unlikely to be changed before my death.” Continue…