Warren Buffett changes will, reveals what happens to his money after death

Billionaire investor Warren Buffett recently disclosed a significant change to his longstanding philanthropic strategy regarding the fate of his wealth after his death. In an interview with the Wall Street Journal, Buffett revealed that he has recently revised his will, specifying that he will cease making contributions to the Bill & Melinda Gates Foundation following his passing.

“The Gates Foundation will not receive any funds after my death,” the 93-year-old investor informed the WSJ.

Instead, the billionaire, who leads Berkshire Hathaway, has decided to task his three children with deciding how to distribute the remainder of his $128 billion estate. Under his new plan, Howard, Susie, and Peter Buffett must unanimously agree on the allocation of his Berkshire Hathaway stock after his passing.

Buffett recently made a $5.3 billion donation in Berkshire Hathaway stock to the Bill & Melinda Gates Foundation and four other family charities, marking his largest annual contribution since he began his philanthropic efforts in 2006. This donation brings his total charitable giving to approximately $57 billion. The latest contribution includes approximately 13 million Berkshire Class B shares, with 9.93 million shares designated for the Gates Foundation. Buffett’s cumulative donations to the Gates Foundation now exceed $43 billion in Berkshire shares. Buffett served on the Foundation’s board until 2021, when his close friend Bill Gates announced his divorce from Melinda.

Ultimately, Buffett envisions his wealth being employed to assist those less fortunate than his family, as he shared with the WSJ. Recognizing his privileged position within the “luckiest 100th of 1%,” he conceded the myriad avenues available for aiding others.

The chairman of Berkshire Hathaway, renowned globally as a distinguished investor, has been a steadfast and generous advocate of the Gates Foundation since 2006, coinciding with his tenure as a trustee. In 2021, the same year as the divorce between Microsoft’s cofounder and Melinda French Gates, he ultimately stepped down. Currently, CEO Mark Suzman oversees the private foundation. Buffett’s departure marks another significant change for Suzman following Melinda French Gates’ resignation in May.

At that moment, she praised Buffett for his pivotal role in advocating and guiding the foundation’s efforts to build a world where every individual can enjoy a healthy, productive life. She further emphasized, “Warren Buffett’s contributions and counsel have been incredibly generous to the Gates Foundation over the span of more than 18 years.”

Buffett’s philanthropic support extends beyond the Gates Foundation to four other nonprofits associated with his family. While he remains alive, he continues to contribute to all five foundations. However, management of these contributions will transition to his children after his passing. In 2023, Buffett’s longtime partner at Berkshire Hathaway, Charlie Munger, passed away at the age of 99.