Warren Buffett reveals surprising reason why he won’t leave his $150B fortune to his children

NEW YORK CITY, NEW YORK: Warren Buffett released a letter for his shareholders explaining his intention to distribute his wealth after his demise rather than leave it behind for his children, on Monday, November 25.

According to UNILAD, 94-year-old Buffett is worth $150 billion and shares three children with his late wife Susan, who passed away in 2004. He will be leaving his children Susan, 71, Howard, 69, and Peter, 66, in charge of overseeing the utilization of his resources for philanthropic purposes.

However, taking their ages into consideration, he further nominated three potential successor trustees to take on the responsibility should the children pass away before the enormous sum has been completely donated.

Buffett is renowned for his philanthropy work and has reportedly donated over $57 billion over the years to charitable causes. Months ahead of writing the letter, he donated $5.3 billion of Berkshire Hathaway stock to the Bill & Melinda Gates Foundation.

Why did Warren Buffett decide to give away his wealth?

In his letter, Warren Buffett claimed he never wanted to build "a dynasty" with his wealth, and it was not humanly possible to predict how future generations beyond his children would decide to spend his "extraordinary wealth".

"I’ve never wished to create a dynasty or pursue any plan that extended beyond the children," he wrote. "I know the three well and trust them completely. Future generations are another matter. Who can foresee the priorities, intelligence and fidelity of successive generations to deal with the distribution of extraordinary wealth amid what may be a far different philanthropic landscape?"

"The 2006-2024 period gave me the chance to observe each of my children in action and they have learned much about large-scale philanthropy and human behavior," claimed Buffett. "They enjoy being comfortable financially, but they are not preoccupied with wealth. Their mother, from whom they learned these values, would be very proud of them. As am I."

The businessman shared that his wife had left $10 million to each of the children when she passed away, and said that it "reflected our belief that hugely wealthy parents should leave their children enough so they can do anything but not enough that they can do nothing".

He also shared some advice for parents while discussing money with children, writing, "Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death. You don’t want your children asking 'Why?' in respect to testamentary decisions when you are no longer able to respond."

Internet hails 'GOAT' Warren Buffet's decision

Social media users reacting to Warren Buffet's letter appreciated him for showing "class and wisdom".

"What a man, so much class and wisdom. Hard to find types like him these days," wrote a user.

"I'm gonna really miss his personality in the investment world," shared another.

"Warren Buffett is very well respected. To be wealthy like he is but keep it in perspective is very admirable," noted a third.

"Wise words, you can tell the material world never interested Warren. He strived for comfort & standing by his core values," stated another user.

"He’s the GOAT," expressed an individual.

"Ton of wisdom here," commented yet another.

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