Warren Buffett is one of the wealthiest people in the world, and he’s naturally spent some time planning what will happen to that wealth when he passes away. Now, he has revealed that the majority of his wealth will go to a charitable trust he created. His two sons and his daughter will oversee the Trust, and be responsible for deciding where the money goes. It will have to be spent on philanthropic purposes, and all three of Buffett’s children must agree when spending it.

The chairman and chief executive of Berkshire Hathaway also indicated that the donations he has contributed to the Bill & Melinda Gates Foundation will end with his death. He has given billions of dollars to the Foundation during his lifetime. Buffett is 93 now and hasn’t given specific “marching orders” to his children when it comes to how or where he wants them to donate or spend the money he leaves behind.

His perspective is to help those who are less fortunate, and he’s confident that his children will do the same. There are still four foundations connected to his family and plenty of good causes around the world where the money could be used. Buffett didn’t share when he made his estate plan or if there have been any significant or recent changes to it. However, he appears confident that the way his Trust is set up will encourage his children to focus on the legacy he wants to leave.

By requiring all three children to agree to where the money from the Trust is going before using it, Buffett reduces any chances that one or more of his children will misuse the funds he left behind to help those who are less fortunate. It remains to be seen what if any, specific plans the children may have for the money their father will leave behind.

If they already have foundations or other charitable organizations in mind for the Trust’s money they haven’t made that information public. It’s also not known if Buffett has privately talked with his children about any specific places he feels the money should go or what will happen to the portion of his wealth that’s not part of the Trust.

If you would like to learn more about creating a Trust, please contact us today! We understand that Trust administration can be difficult without extensive financial and legal knowledge. Our team of experts will help you navigate this complicated undertaking.