The billionaire investor has three children: Susan, 71, Howard, 69, and Peter, 66.
Buffett had these children with his late wife, Susan, who died in 2004.
However, the Buffett lineage will not include any “nepo babies,” as Buffett intends to donate nearly all of his wealth after his death.
Over the years, Buffett has already donated a significant portion of his wealth, reportedly giving away $57 billion to various charities, as noted by Reuters.
Recently, the 94-year-old entrepreneur contributed $5.3 billion worth of Berkshire Hathaway stock to the Bill & Melinda Gates Foundation.
Buffett explains that his intention to donate his fortune rather than leaving it to his children stems from a lack of desire to establish a family dynasty.
“I’ve never wished to create a dynasty or pursue any plan that extended beyond the children,” he stated in a letter shared with CNBC.
“I know the three well and trust them completely. Future generations are another matter.
“Who can foresee the priorities, intelligence and fidelity of successive generations to deal with the distribution of extraordinary wealth amid what may be a far different philanthropic landscape?”
Given the ages of his children, Buffett—who continues to reside in the home he bought in 1958—has designated three potential successor trustees to manage his fortune if his children pass before everything is given away.
He mentioned that these trustees are ‘on a waitlist’ and expressed his hope that Susan, Howard, and Peter will ‘disburse all of [his] assets’.
While some might expect his children to be disappointed about not inheriting a massive fortune, Buffett is adamant that they ‘are not preoccupied with wealth’.
He wrote: “The 2006-2024 period gave me the chance to observe each of my children in action and they have learned much about large-scale philanthropy and human behavior.
“They enjoy being comfortable financially, but they are not preoccupied with wealth. Their mother, from whom they learned these values, would be very proud of them. As am I.”
While there are few individuals with wealth comparable to his, Buffett offered some advice to other parents on discussing finances with their children.
“Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death,” he advised in the letter, clarifying why his wealth won’t go to his offspring.
“You don’t want your children asking ‘Why?’ in respect to testamentary decisions when you are no longer able to respond.”
