What meticulous work for billionaires is to draft a will! Perhaps they will not find peace even in the afterlife... Citing reliable sources, The Wall Street Journal reported that the immense fortune of legendary investor Warren Buffett will be donated to a charitable foundation after his death. This is the billionaire's last will, as highlighted by The Wall Street Journal. This foundation will be managed by the three children of the Oracle of Omaha. Interestingly, each of them heads their own foundation. Meanwhile, Buffett has emphasized that his donations to the Gates Foundation will be over.
Currently, the legendary investor owns approximately $130 billion worth of Berkshire Hathaway shares. The billionaire has a positive view of his children's life principles and fully trusts in their ability to manage business. However, the outstanding investor did not specify to his children how to use the bequeathed funds.
After his death, Susie, Howard, and Peter Buffett will have to decide how to use their father's vast fortune for charitable purposes most effectively. Importantly, each of them is responsible for their own direction. The investor's daughter, Susie Buffett, is at the helm of the Sherwood Foundation, which focuses on education and social justice. Additionally, she leads the Susan Thompson Buffett Foundation, which deals with reproductive legal rights. His son, Peter Buffett, and his wife head the NoVo Foundation. This organization oversees several projects, including work with Native American communities. Howard Buffett runs the Howard G. Buffett Foundation which focuses on food security and conflict mitigation.
Since 2006, the 93-year-old Oracle of Omaha has been making donations to four foundations managed by his children, as well as to the Bill and Melinda Gates Foundation. According to The Wall Street Journal, this practice will continue until his death. However, the Gates Foundation will receive no donations, the billionaire underscored.
Over 18 years since he began making donations, Warren Buffett has given away 5% of his remaining Berkshire shares each year. To fund his final round of donations, the company's management announced that the billionaire would convert 8,674 Berkshire Class A shares into Class B shares.
