Warren Buffett changes his will and reveals what will happen to his money after his death
Warren Buffett has revised plans for his considerable fortune after his death. Mr Buffett, 93, the chairman of Berkshire Hathaway, told Wall Street Journal that he has revised his will and will no longer make any posthumous donations to the Bill & Melinda Gates Foundation. Instead, he will transfer his fortune to a new charitable foundation that will be managed by his three children.
“The Gates Foundation will not receive any money after my death,” Buffett told the Journal.
Mr. Buffett mentioned that he has changed his will several times, and the latest changes were due to his confidence in his children’s values and their ability to distribute his wealth appropriately. Each of his children has a philanthropic organization.
“I am very, very comfortable with the values of my three children and have 100 percent confidence in how they will do things,” Buffett said.
Buffett had previously stated that over 99 percent of his wealth was dedicated to charitable causes through the Bill & Melinda Gates Foundation and four family-related charities: the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation.
Currently, Mr. Buffett appears to be continuing his donations to the Gates Foundation during his lifetime.
Berkshire Hathaway announced Friday that Buffett is converting about 9,000 Class A shares into over 13 million Class B shares. About 9.3 million shares will be allocated to the Bill & Melinda Gates Foundation Trust, and the rest will be distributed to the Buffett family’s four charities.
“Warren Buffett has been extremely generous to the Gates Foundation for over 18 years, providing contributions and advice,” Mark Suzman, the foundation’s chief executive, told CNN. “We are deeply grateful for his recent gift and contributions totaling approximately $43 billion to our work.” (Melinda announced in May that she was leaving the organization. Her last day is June 7, but the foundation has not yet changed its name.)
Last year, Mr. Buffett donated about $870 million to his family’s four charities, and in 2022 that number will be about $750 million.
Following these newly announced donations, Mr. Buffett owns 207,963 Berkshire Hathaway Class A shares and 2,586 Class B shares, with the total value of these shares being approximately $128 billion.
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