Warren Buffett discusses the will.
Warren Buffett discusses probate in rare letter in which he pledges to donate "99% plus" of wealth after giving millions of Berkshire Hathaway shares
This week we have Thanksgiving in the US, with the stock market closed on Thursday and Friday where trading hours are expected to be shortened due to Black Fridays, I don't expect any significant news or moves so let's get to this legend.
In a recent letter to Berkshire Hathaway shareholders, Warren Buffett shared his plans for the future of the company and the distribution of his estate in the event of his death. He announced, "I feel fine, but I am fully aware that I am playing in extra innings." This assurance was made in a message he posted on the global conglomerate's website. He is quite happy to make this announcement whenever it is around the time of the upcoming Thanksgiving holiday in the US.
As part of these plans, Buffett has donated millions of Berkshire Hathaway $BRK-B-0.6% shares to charitable trusts associated with his family. He commented himself saying: "More than 99% of my assets will be donated to my charitable trust." The move involved converting 1,600 Class A shares into 2,400,000 Class B shares.
Buffett emphasized his long-term philanthropic commitment, noting that he has donated approximately $52 billion to charitable causes since 2006. "Moreover, we have had many opportunities to observe that being rich doesn't make you wise or evil." These words reflect his beliefs about the relationship between wealth and philanthropy.
In the letter to shareholders, Buffett also revealed his ideas about the future of Berkshire Hathaway. "Berkshire - one of the largest and most diversified companies in the world - will inevitably encounter human errors in judgment and behavior." With that statement, he acknowledged that mistakes are inevitable, but he believes his team and the board have the necessary competence to address them.
He concluded his letter by noting, "Decline can occur in all types of large institutions, whether governmental, philanthropic, or profit-seeking. But it is not inevitable. Berkshire's advantage is that it was built to last." Those words reflect his belief in the company's resilience after his eventual departure.