Warren Buffett alters will, redirecting fortune away from Gates Foundation

Warren Buffett, the chairman of Berkshire Hathaway, announced a major revamp of his will, which would significantly impact how his behemoth fortune is distributed after his death. In an interview with The Wall Street Journal, the 93-year-old billionaire said he would no longer contribute posthumous donations to the Bill & Melinda Gates Foundation. Instead, his wealth would go into a new charitable trust run by his three children.

"The Gates Foundation has no money coming after my death," Buffett confirmed to the Journal.

Based on his comments, the move seems to be founded on his belief that his children have the right values as well as being capable of becoming responsible distributors of his wealth. All of his children manage their own philanthropic outfits, further giving Buffett a sense of confidence.

Add WION as a Preferred Source

"I feel very, very good about the values of my three children, and I have 100 per cent trust in how they will carry things out," Buffett affirmed.

Earlier, Buffett had pledged more than 99 per cent of his estate to philanthropy, with the lion's share going to the Bill & Melinda Gates Foundation and four family-related charities: the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation.

As of now, Buffett continues to make donations to the Gates Foundation during his lifetime. Only recently, Berkshire Hathaway announced that it would convert about 9,000 Class A shares into more than 13 million Class B shares. Close to 9.3 million of those will be donated to the Bill & Melinda Gates Foundation Trust. The remaining shares will then be split amongst the four family charities.

Mark Suzman, the chief executive of the Gates Foundation, expressed gratitude for Buffett's ongoing support. "Warren Buffett has been exceedingly generous to the Gates Foundation through more than 18 years of contributions and advice," Suzman stated to CNN. "We are deeply grateful for his most recent gift and contributions totalling approximately $43 billion to our work."

Last year alone, Buffett donated some $870 million to his family's four charities, roughly the same as in 2022. He now still holds 207,963 Class A shares and 2,586 Class B shares in Berkshire Hathaway, worth $128 billion.