Where Will Warren Buffetts Wealth Go After His Passing

Warren Buffett plans to make philanthropy his ultimate testament, according to The Wall Street Journal. The billionaire CEO of Berkshire Hathaway intends to distribute the majority of his wealth to a new charitable trust fund managed by his three children. Buffett currently holds nearly $13 billion worth of Berkshire stock. He has full confidence in his children’s values and abilities, stating, “I feel very, very good about their moral compass, and I feel 100% comfortable about how they will handle things.” After Buffett’s passing, his children – Susan, Howard, and Peter Buffett – will be responsible for collectively deciding how to allocate their father’s substantial wealth towards charitable causes. Each of them currently manages their own foundation. Susan Buffett leads the “Sherwood Foundation” with a focus on education and social justice, while Susie Buffett dedicates herself to reproductive rights through the “Susan Thompson Buffett Foundation.” Howard Buffett operates the “Howard G. Buffett Foundation,” which addresses food security and mitigating the impact of conflict and human trafficking. Peter Buffett and his wife manage the “NoVo Foundation,” which supports various projects, including those related to local communities. Since 2006, this 93-year-old billionaire has been donating to his children’s foundations, as well as the Bill and Melinda Gates Foundation Trust Fund. This practice will continue until his passing, although donations to the Gates Foundation ceased afterwards. Buffett stated to The Wall Street Journal, “The Gates Foundation will not receive any funds after I die.” He has served as a trustee for the Gates Foundation until 2021. Over the past 18 years, Buffett has donated 5% of the remaining Berkshire stock each year.