Warren Buffett, the chairman of Berkshire Hathaway, has recently made significant changes to his will. He informed the Wall Street Journal that he will no longer be leaving money to the Bill & Melinda Gates Foundation after his death. Instead, his substantial fortune will now be directed towards a newly established charitable trust managed by his three children. He stated firmly, “The Gates Foundation has no money coming after my death.”
Reasons Behind the Changes
Buffett explained that his decision is because of his unwavering trust in his children’s values and their capability to responsibly manage his wealth. He expressed confidence, saying, “I feel very, very good about the values of my three children, and I have 100% trust in how they will carry things out.”
Previous Plans
Previously, Warren Buffett had earmarked over 99% of his estate for philanthropic purposes, including substantial contributions to the Gates Foundation and several family-related charities.
Current Donations
Despite the adjustments to his will, Buffett continues to actively support the Gates Foundation during his lifetime. His recent contributions amounting to around $43 billion highlight his ongoing commitment to their initiatives.
Current Holdings
As of now, Warren Buffett maintains ownership of approximately $128 billion worth of shares in Berkshire Hathaway.
Implications of Warren Buffett’s Decision
Warren Buffett’s decision to revise his will shows his confidence in his children’s ability to uphold his philanthropic legacy. This strategic move ensures that his wealth will continue to support charitable causes in line with his lifelong principles and values.
-Prisha Jaiswal