Warren Buffett’s surprising confession about the fate of his fortune

The American tycoon Warren Buffett 94 years old, has a commitment that he does not forget: to give all his fortune .

In a statement he shared with his shareholders, the CEO of conglomerate Berkshire Hathaway announced the plan he had for his assets after his death. He also argued that he does not believe in “dynastic wealth” and stressed the importance of addressing the issue of the family will before dying.

In the long letter he sent on November 25 Buffett said that plans to donate $1.2 billion in Berkshire Hathaway stock to family foundations like the Susan Thompson Buffett Foundation, named after his wife.

Remember that, since 2006, the tycoon has committed to donating his entire fortune, valued at nearly $150 billion, according to Forbes.

With this decision, his children Susie, Howi and Peter will be responsible for deciding how the wealth accumulated by Buffet will be donated.

“The children have more than justified our hopes and, when I die, they will have full responsibility for the progressive distribution of all my properties in Berkshire, which now represent 99.5% of my wealth,” he said. explain.

Buffett, nicknamed the “Oracle of Omaha” for his investing skills, hopes his children can live long enough to accomplish this task, although it is also clear that this is unlikely. The reason? Their descendants are between 60 and 70 years old.

“My children’s life expectancy has been significantly reduced since the 2006 promise.” detailed in the publication. “I never wanted to create a dynasty or follow a project that went beyond children.” .

In case they are not able to completely distribute the fortune, Buffett has appointed other younger successors, who are now “on the waiting list”. However, he did not provide further details about their identity.

“Future generations are another matter. “Who can predict the priorities, intelligence and loyalty of successive generations to deal with the distribution of extraordinary wealth in a philanthropic landscape that may be very different?” he asked.

Despite the above, the tycoon knows that the wealth he has built over his career may take longer to use than the time his three children have left to live. “Tomorrow’s decisions will probably be better made by three living and well-directed brains than by a dead hand,” he argued.

In his writings, Buffett also took the opportunity to reflect on death and his advancing age.

“Time always wins, but it can be capricious, unfair and even cruel: sometimes it ends life at the moment of birth or shortly thereafter, while other times it waits a century or more before it to visit,” the businessman said. assured that no matter how lucky he was, he had little time left to live.

The American investor shared his views on inheritances, saying “Immensely wealthy parents should leave their children enough so they can do what they want, but not so much that they can’t do anything “.

Shortly after, he took the opportunity to leave some key advice for all parents, regardless of their level of wealth. “When your children are older, ask them to read your will before signing it. » He argued for family members to clear their doubts and be clear about the responsibilities they must shoulder.

“If anyone has questions or suggestions, listen carefully and adopt what you think is reasonable. You don’t want your children to ask “why?” “on testamentary decisions when we can no longer respond to them,” he indicated in his reflection.

This suggestion comes from his own experience: Over the years, Buffett and his children have spoken openly about his will and he has even adopted some recommendations.

From what you have observed, many family conflicts tend to stem from wills that have not been discussed in the past, causing jealousy, confusion and anger between different family members. “Especially when sons are favored over daughters, whether in monetary terms or important positions,” he said.

To conclude his letter, the Berkshire CEO mentioned that part of his success is due to the good fortune of being born in the 1930s “as a white man.” This, he believes, gave him the certainty that he would become rich.

Although Buffett says it opened doors for him, at the time he didn’t even dream of the immense fortunes “that have become attainable in the United States in recent decades.” “They were incredible, beyond what Ford, Carnegie, Morgan or even Rockefeller could imagine.”

The tycoon also acknowledges that he was lucky that his philanthropic vision was shared by his two wives, Susan and Astrid, who adamantly rejected dynastic wealth.

“Instead, we shared the view that equality of opportunity should start at birth and that extreme lifestyles should be legal but not admirable. » he concluded.