Warren Buffett, the legendary investor and chairman of Berkshire Hathaway, has further refined his plans for distributing his wealth after his death.
At 94, Buffett intends to donate 99.5% of his fortune, which Forbes valued at $149.7 billion on Friday, to a charitable trust managed by his daughter and two sons upon his passing.
In a letter to Berkshire shareholders on Monday, Buffett revealed the names of three potential successor trustees in case his children—Susie (71), Howard (69), and Peter (66)—are unable to serve. He noted that these individuals are younger than his children, well-known to them, and regarded as suitable by the family.
“I’ve never wanted to create a dynasty or pursue any plan beyond my children,” Buffett wrote. “But these successors are on standby. I hope Susie, Howie, and Peter will be able to distribute all my assets themselves.”
Buffett also announced an additional $1.14 billion donation of Berkshire stock to four family foundations, bringing his total giving since 2006 to over $58 billion. This includes more than $43 billion to the Bill & Melinda Gates Foundation. He has already donated 56.6% of his Berkshire shares.
Buffett has led Berkshire Hathaway since 1965 and still owns 14.4% of the company’s stock. He plans to continue donating shares to the five foundations during his lifetime. After his death, his children will have about ten years to distribute the remaining wealth, and they must unanimously decide which charitable causes it will support.
Berkshire Hathaway, based in Omaha, Nebraska, is a $1 trillion conglomerate that owns companies like the BNSF railroad and Geico insurance, along with stakes in major companies such as Apple and American Express.
In his letter, Buffett acknowledged his advancing age but showed no intention of stepping down. “Father time always wins,” he wrote. “So far, I’ve been lucky, but soon enough, he will catch up to me.”
