Legendary investor Warren Buffett has clarified his plans for transferring his fortune after his death. The head of Berkshire Hathaway provided instructions regarding the block of shares that he will donate to charity, Reuters reported.
Buffett, 94, plans to donate 99.5 percent. fortune ($149.7 billion according to Forbes magazine) to a charitable trust overseen by his daughter and two sons.
Warren Buffett's fortune – what will happen after his death?
In a letter to Berkshire shareholders, Buffett said he has named three potential successors if his daughter Susie, 71, and sons Howard, 69, and Peter, 66, are unable to serve.
“I never wanted to create a dynasty or pursue any plan that would extend beyond children. But these successors are on a waiting list. I hope that Susie, Howie and Peter will decide all my estate themselves,” Buffett wrote.
He added that he was donating another $1.14 billion of Berkshire shares to four family foundations.
This brings his donations since 2006 to more than $58 billion. It was then that Buffett promised to donate most of his fortune to foundations and the Bill & Melinda Gates Foundation, which received over $43 billion.
Buffett has led Omaha, Nebraska-based Berkshire since 1965. He still owns 14.4 percent. shares of the conglomerate and plans to continue donating his fortune to foundations during his lifetime.
Warren Buffettphotosince/Shutterstock
Buffett's children's foundations
After his death, his children will have about 10 years to pass on his remaining estate and will have to unanimously decide what philanthropic purposes it should serve.
Berkshire did not immediately respond to a Reuters request for additional comment.
Susie Buffett runs the Susan Thompson Buffett Foundation, which funds reproductive health and is named after Buffett's first wife, and the Sherwood Foundation, which supports nonprofits in Nebraska and early childhood education.
Howard Buffett heads the Howard G. Buffett Foundation, which works to fight world hunger, combat human trafficking and alleviate conflict.
Peter Buffett heads the NoVo Foundation, whose initiatives focus on marginalized girls and women, as well as indigenous communities.
“He'll get me soon”
Berkshire is a $1 trillion conglomerate that owns companies such as BNSF and Geico, as well as shares of companies such as Apple and American Express.
In his letter, Buffett acknowledged that he was getting old, but did not signal any intention to step down. “Father time always wins. So far I have been very lucky, but it will catch up with me soon,” he said.
Main photo source: photosince/Shutterstock