'Father Time Always Wins': Warren Buffett, 94, Just Announced Major Changes to His Plan to Give Away His Money

Berkshire Hathaway Chairman Warren Buffett, 94, is making much changes to his philanthropic plans.

The iconic investor, who is No. 7 connected Bloomberg's billionaire list pinch astir $150 cardinal arsenic of property time, announced caller donations and provided specifications astir really he plans to proceed to springiness distant his luck successful a letter to Berkshire shareholders connected Monday. Buffett is donating 99.5% of his wealthiness to a charitable spot that will beryllium overseen by his children (his girl and 2 sons) aft his death.

Buffett continued his Thanksgiving tradition of giving distant Berkshire banal pinch a caller aid of $1.14 cardinal to his 4 family foundations (Susan Thompson Buffett Foundation, the Howard G. Buffett Foundation, the Susan A. Buffett Foundation, and the NoVo Foundation).

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"Father clip ever wins. But he tin beryllium fickle – so unfair and moreover sadistic – sometimes ending life astatine commencement aliases soon thereafter while, astatine different times, waiting a period aliases truthful earlier paying a visit," Buffett wrote. "To date, I've been very lucky, but, earlier long, he will get astir to me. There is, however, a downside to my bully luck successful avoiding his notice. The expected life span of my children has materially diminished since the 2006 pledge. They are now 71, 69, and 66."

Buffett's children will person astir 10 years to springiness distant his remaining wealthiness aft his death. Disbursement requests must beryllium unanimous.

"Wealthy friends person been funny astir the bonzer assurance I person successful my children and their imaginable alternates," Buffett notes. "Hence, the 'unanimous decision' provision. That regularisation enables an contiguous and last reply to grant-seekers: 'It's not thing that would ever person my brother's consent.' And that reply will amended the lives of my children."

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But owed to everyone's ages, Buffett announced that he named 3 imaginable successor trustees to oversee the foundations should his children walk distant earlier giving distant each the money.

"Three imaginable successor trustees person been designated. Each is well-known to my children and makes consciousness to each of us. They are besides somewhat younger than my children," Buffett wrote. "But these successors are connected the waitlist. I dream Susie, Howie, and Peter themselves disburse each of my assets."

The successors were not named.

In the letter, Buffett besides talks astir really the world has changed successful his almost 100 years connected the satellite and offers a hopeful outlook for the future. Despite the changes, Buffett did not measurement down from immoderate work-related responsibilities.

Berkshire is simply a $1 trillion conglomerate.

Read the afloat letter, here.