Omaha: Renowned investor Warren Buffett has detailed his intentions regarding the distribution of his wealth and his company Berkshire Hathaway in the event of his passing.
His networth is 12,100 crores USD.
The fifth wealthiest individual globally, Buffett's recent statements, shared on the corporation's website, shed light on his significant charitable intentions and the allocation of shares to family-related charitable trusts.
Buffett, aged 93, orchestrated the transfer of shares in Berkshire Hathaway to four family-affiliated charitable trusts. Through this transaction, 1,600 Class A shares were converted into 2,400,000 Class B shares, with specific allocations to the Howard G. Buffett Foundation, the Sherwood Foundation, the NoVo Foundation, and the Susan Thompson Buffett Foundation.
In his shareholder letter dated November 21, Buffett reaffirmed the previous donations made during Thanksgiving last year, highlighting the significance of these contributions to supplement lifetime pledges made in 2006.
Emphasising his beliefs on dynastic wealth, he conveyed that despite its legality and prevalence, it is not a favourable practice in his family. He also highlighted the observation that wealth does not inherently define wisdom or morality.
Buffett confirmed that his three children, aged between 65 and 70, are designated as the executors of his will and trustees of the charitable trust set to receive the majority of his wealth, amounting to "99%-plus." Acknowledging their preparedness for this responsibility over the years, he reiterated their shared beliefs and responsibilities in managing his wealth.
Detailing the management of his wealth posthumously, Buffett outlined that his children must collectively make decisions, considering the evolving laws and ensuring the continuity of philanthropy in America. Expressing confidence in the future of Berkshire Hathaway, he asserted that while human errors are inevitable, the company is equipped with the right CEO and board to address and rectify mistakes, ensuring its sustained success.
Buffett concluded by expressing his belief that Berkshire Hathaway, as a robust and diversified entity, is built to withstand the test of time, ensuring its continued legacy and stability, even in his absence.