Warren Buffett Wants All Parents To Do One Thing Before They Die

Warren Buffett is one of the richest people in the world. With a net worth of $151 billion, he is uniquely qualified to dole out financial advice, and his latest is a doozy.

In a letter explaining how he plans to distribute his wealth, investor and Berkshire Hathaway CEO and chairman Buffett shared advice to all parents of modest or expanded wealth. He believes his words will help expedite their wishes, whatever they may be, upon their passing.

“I have one further suggestion for all parents, whether they are of modest or staggering wealth. When your children are mature, have them read your will before you sign it,” Warren Buffett began.

“Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death. If any have questions or suggestions, listen carefully and adopt those found sensible. You don’t want your children asking ‘Why?’ in respect to testamentary decisions when you are no longer able to respond,” he continued.

“I change my will every couple of years — often only in very minor ways — and keep things simple. Over the years, Charlie and I saw many families driven apart after the posthumous dictates of the will left beneficiaries confused and sometimes angry. Jealousies, along with actual or imagined slights during childhood, became magnified, particularly when sons were favored over daughters, either in monetary ways or by positions of importance,” Buffett explained.

Warren Buffett Praised His Children for Growing Into ‘Good and Productive Citizens’

In the letter dated Nov. 25, 2024, Warren Buffett revealed he would convert 1,600 Berkshire Hathaway Class A shares into 2,400,000 B shares to give to four family foundations: The Susan Thompson Buffett Foundation, which will receive 1,500,000 shares, and 300,000 shares each to The Sherwood Foundation, The Howard G. Buffett Foundation, and the NoVo Foundation. 

Buffett feels confident that he is leaving his work in the hands of his children, whom he calls “good and productive citizens.” He added, “They have different views in many cases from both me and their siblings but have common values that are unwavering.”

“Susie Jr., Howie and Peter have each spent far more time directly helping others than I have. 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,” Buffett concluded.

In June 2024, Warren Buffett outlined how his wealth would be distributed after he died. Instead of continuing his support for the Bill & Melinda Gates Foundation, Buffett’s wealth will be directed into a charitable trust.