The legendary investor revealed in a letter what will happen to the trust and the rules that are in place at the time of his death.
Warren Buffett finally decided what to do with his charitable inheritance. In an open letter to his shareholders On the occasion of Thanksgiving, he revealed that his three children will be in charge of managing their father’s legacy. It is worth remembering that the “Oracle of Ohama” He revealed that after his death, 99% of his fortune would be allocated to charitable causes.
“My three children now have – and this is hard for their father to believe – between between 65 and 70 years. For some years now, their foundations have distributed significant sums, sometimes to the same donee. Generally, however, the three follow different paths. My three children are the executors of my current will, as well as the named trustees of the charitable trust that will receive over 99% of my estate under the provisions of the will. In 2006 were not fully prepared for this enormous responsibility, but now they are,” said the famous investor.
The future of Berkshire Hathaway
According to Buffett, the three brothers must act unanimously in the administration of the trust testamentary. “Due to the random nature of mortality, successors must always be appointed. The statutes of the trust will be broad. The laws regarding philanthropy will change from time to time, and wise trustees on the ground are preferable to any restrictions written by someone that is no longer there. Whatever the rules – and rules are necessary – private philanthropy will always have an important place in America“, he expressed.
According to this letter, the testamentary trust It will be self-liquidating after a decade “more or less” and will operate with a reduced staff. To the extent possible, Buffett adds, will be financed with Berkshire shares“one of the largest and most diversified companies in the world”, which says it has “the right CEO to succeed me and also the right Board of Directors.”
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“In the short term, Berkshire’s distinctive characteristics and behavior will be supported by my large holdings in Berkshire. Before long, however, Berkshire will earn the reputation it then deserves. Decline can occur in all types of large institutions, whether governmental, philanthropic or for-profit But it is not inevitable. The advantage of Berkshire is that it has been built to last“, he pointed out.
Buffett stated that, after his death, the disposition of his assets will be a “open book without trusts “imaginative” or foreign entities to avoid public scrutiny, but rather a simple will available for inspection at the Douglas County Courthouse.”
“At Thanksgiving I have a lot to be grateful for. And to all my partners in the Berkshire property“I wish you and your families the best in health and happiness,” concluded the Oracle of Omaha.
Source: Ambito
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