With Warren Buffett Donating 99% Of His Fortune, What's Left For His Three Children? Well, It's Complicated

Warren Buffett, one of the richest men in the world, has always made it clear that most of his money will go to charity. Many people are curious about what this means for his three children, as almost 99 percent of his $140 billion fortune is expected to be donated. The solution is a bit more complex than you may imagine.

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Buffett is famous for believing that his children should be given enough money to feel like they can do anything but not so much that they end up doing nothing. While they won’t be inheriting billions in the typical sense, they're not being left out entirely. Instead of passing down his wealth directly, Buffett has taken a different route that gives his children a unique legacy.

The Charitable Trust Plan

Instead of a massive inheritance, Buffett has put together a charitable trust to be managed by his three children – Susan, Howard and Peter. This trust will be responsible for giving away much of his fortune to various charities over 10 years after his death. But there's a catch: all three siblings must agree unanimously on where the money goes.

Each of Buffett's children has a charitable passion. Susan focuses on social justice, education and health care; Howard is dedicated to food security, crime prevention and international aid; and Peter supports Indigenous communities and is passionate about combating hunger. These different priorities could lead to disagreements, making decision-making challenging. But Buffett seems confident that his kids can handle it.

"I have 100% trust in how they will carry things out," Buffett said, believing that by working together, his children can make thoughtful decisions that align with family values and adapt to changing times. 

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Unity or Discord?

Although requiring unanimous choices may seem like a surefire way to end up in conflict, it may actually be a benefit. By working together, Buffett's children will need to learn more about each other's beliefs, develop empathy and find common ground. It's a way to connect them and build a shared family mission, even after their father is gone. The hope is that this process of agreeing on charitable giving could become something that bonds them rather than divides them.

Of course, the requirement for unanimous decisions could also lead to stalemates and frustration. 

So, while Buffett's children aren't getting a traditional inheritance, they're far from being left with nothing. They've already received significant gifts for their philanthropic organizations and they’ll have a say in managing and distributing money to causes they believe in. More importantly, they'll continue their father's legacy in a way that reflects his belief in purpose, responsibility and making a difference.

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A Shift Away from the Gates Foundation

According to a previous draft of his will, Buffett originally wanted Bill Gates to handle the majority of his charity contributions. He has given the Gates Foundation about $39 billion over the years, but he recently decided that something new was needed. 

Buffett became increasingly uncomfortable with Gates’ extravagant spending patterns, including his numerous residences, private aircraft and luxury items. Buffett was also worried about what he saw as the Gates Foundation's large expenses and inefficiency.

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