At 94, Warren Buffett, the iconic investor and CEO of Berkshire Hathaway, has revealed his detailed plan for his massive fortune after he passes away. In a recent letter to shareholders, Buffett expressed his views on mortality and his hope that his three children, who are in their 60s and 70s, will be able to decide how his wealth should be distributed to philanthropic causes. Buffett has appointed his children as the main trustees of his fortune, with three successors in case they are unable to make those decisions. He also shared that he is converting a significant number of his company's shares into Class B shares, which have fewer voting rights. A large portion of these shares will be donated to the Susan Thompson Buffett Foundation, named after his late first wife, and three other foundations led by his children. Buffett's plan includes annual gifts to family foundations and the Bill & Melinda Gates Foundation. Since 2006, he has been steadily giving away his wealth, which is estimated to be around $150 billion.

Buffett's advice to parents with wealth that might outlive them is to involve their children in the estate-planning process. He suggests having mature children read the will before it's signed to ensure they understand the logic behind the decisions and are aware of their responsibilities after the parent's death. This approach aims to create a transparent and understanding environment for wealth transfer.

Buffett's Blueprint: What Happens to His Fortune After He's Gone?

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