Warren Buffett plans to designate charitable endeavors as his ultimate testament.
The billionaire CEO of Berkshire Hathaway intends to distribute most of his wealth to new charitable trusts managed by his three children, as disclosed to The Wall Street Journal.
Buffett currently holds nearly $13 billion worth of Berkshire stock. He expressed strong confidence in his children’s values and abilities, stating: “I feel very, very good about the moral values my three children have and 100% confidence in their ability to handle things.”
After Buffett’s death, his children—Susie, Howie, and Peter Buffett—will jointly decide how to deploy their father’s substantial fortune into charitable causes. Each currently runs their own foundation:
– Susie Buffett leads the Sherwood Foundation, focusing on education and social justice.
– Susan Thompson Buffett Foundation, dedicated to reproductive rights.
– Howard G. Buffett Foundation, which addresses food security and mitigates the impact of conflict and human trafficking.
– Peter Buffett and his wife manage the NoVo Foundation, supporting various initiatives including those tied to local communities.
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Buffett humorously remarked, “I like to say that I can think outside the box, but I’m not sure I can do that when the box is buried 6 feet underground and fully trust three people.”
Since 2006, the 93-year-old billionaire has been donating Berkshire stock leftovers annually to his children’s foundations and the Bill and Melinda Gates Foundation Trust. This practice will continue posthumously, though contributions to the Gates Foundation ceased afterward. Buffett told The Wall Street Journal, “After I die, the Gates Foundation will not receive any funds.” Until 2021, he served as a trustee of the Gates Foundation.
Over the past 18 years, Buffett has donated 5% of the remaining Berkshire stock annually.
