“My three children are the executors of my current will as well as the named trustees of the charitable trust that will receive 99%-plus of my wealth pursuant to the provisions of the will,” the letter from Warren Buffett stated.
In the event of his passing, one of the greatest investors of all time and the fifth richest person in the world, Warren Buffett, has stated his plans for Berkshire Hathaway and his money. According to a story in Fortune Magazine, “the Oracle of Omaha” made the announcement and revealed that he had donated millions of shares in Berkshire Hathaway to four family-affiliated charitable trusts in a letter that was posted on the website of the global firm.
A regulatory statement stated that the 93-year-old converted 1,600 Class A shares into 2,400,000 Class B shares. Of those shares, 1,500,000 went to the Susan Thompson Buffett Foundation and 300,000 each to the Howard G. Buffett Foundation, Sherwood Foundation, and NoVo Foundation.
Warren Buffett also stated, “The donations itemized above repeat those made at Thanksgiving last year,” in a letter to shareholders dated November 21. They add to some of the lifelong commitments I made in 2006 and will keep making until I pass away (I feel good about 93 years old, but I know I have a few innings left in me).
“My kids and their dad share the idea that dynastic wealth is undesirable even though it is lawful and popular in many parts of the world, including the US. Furthermore, we’ve had enough of chances to see that wealth does not equate to wisdom or wickedness. We also concur that capitalism has done and still does miracles, despite all of its flaws, such as the enormous wealth and political power gaps that it provides to its people in an arbitrary manner,” he continued.
He stated that “99%-plus” of Warren Buffett’s wealth will go to his charity trust and that his three children, who are currently between the ages of 65 and 70, are the executors of his current will. “My three children are the trustees of the charity trust that will receive over 99% of my wealth as per the terms of my current will, and they are also the executors of my current will. In 2006, they weren’t quite ready for this enormous duty, but today they are “he went on.
In the letter, Mr. Warren Buffett revealed some details about how his fortune will be managed, including the need that his three children collaborate on choices. “Successors must always be named due to mortality’s unpredictable character. Philanthropic laws are subject to periodic revisions, and prudent trustees above ground are preferred over any restrictions imposed by long-gone individuals. Warren Buffett stated, “Private philanthropy will always have an important place in America, regardless of the rules—and rules are necessary.”
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With a reported workforce of over 380,000, Berkshire Hathaway has amassed a market valuation of over $780 billion. Despite the inevitable mistakes that will be made, the CEO of the company is certain that the company will prosper in his absence.
“Berkshire-one of the largest and most diversified companies in the world-will inevitably encounter human errors in judgment and behavior. These occur at all large organizations, public or private. But these mistakes are unlikely to be serious at Berkshire and will be acknowledged and corrected. We have the right CEO to succeed me and the right board of directors as well. Both are needed,” he added.
Warren Buffett continued by saying that although Berkshire’s activities and characteristics will be supported in the near future by Buffett’s assets, the business “before long” will stand alone and gain “whatever reputation it then deserves.” He said, “Decay can happen at major institutions of any kind, whether they are profit-seeking, governmental, or charitable. However, it’s not a given. An advantage of Berkshire is that it is long-lasting.
