Warren Buffett is one of the wealthiest men in the world, and on Monday, he gave a bit of advice. “for all parents,” No matter their financial status, they are all entitled to equal opportunities.
“When your children are mature, have them read your will before you sign it,” He urged shareholders of Berkshire Hathaway in a Monday letter. Buffett advised his investors to talk with beneficiaries about their estate plans and consider making changes they feel are appropriate.
“Over the years, Charlie and I saw many families driven apart after the posthumous dictates of the will left beneficiaries confused and sometimes angry,” Buffett wrote about Charlie Munger. Munger was Buffett’s longtime partner and business associate who passed away last November, aged 99. “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. What could be more satisfying?”
Buffett gave his advice in conjunction with an announcement that Berkshire shares worth $1 billion had been given to the charitable foundations established by both of his first wives and children. The 94 year old has promised to give 99% of the $150 billion fortune he’s amassed in his lifetime, or soon after he dies.
“I’ve never wished to create a dynasty or pursue any plan that extended beyond the children,” He wrote. Buffett, however, said that on Monday he identified “three potential successor trustees” If his children fail to donate his money, even though the oldest is only 66 years old, he will take on the responsibility.
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