Adjust for family changes
Buffett once famously said that he wouldn’t leave his children much of an inheritance. However, it seems his mindset has slightly changed, as he’s now leaving them in charge of donating his Berkshire Hathaway shares.
“He arrived at the current plan after seeing how his children matured over the years,” WSJ reporter Karen Langley explained.
Buffett’s three children all have their own philanthropic interests. His daughter, Susie, chairs the Sherwood Foundation, which funds Nebraska initiatives in education and social justice.
His eldest son, Howard, heads up the Howard G. Buffett Foundation, which combats human trafficking and mitigates conflict.
Meanwhile, his younger son, Peter, and his wife run the NoVo Foundation, which supports social justice initiatives in marginalized communities.
“I feel very, very good about the values of my three children, and I have 100% trust in how they will carry things out,” Buffett told the WSJ.
Like Buffett’s will, yours should also reflect your own family dynamics.
For instance, if your kids start their own families, you may want to include your grandchildren in your will. Or, if you have a family member whom you don’t want to have access to your estate after you die, make sure to get that in writing.
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Buffett had spoken with Melinda Gates about his decision to remove the Gates Foundation from his will. So, when the WSJ article came out, it wasn’t news to her.
“No, this decision did not surprise me,” Gates told The New York Times. “It’s been a decision that I think he’s been coming to over time, and I was aware that he was making this decision.”
Although Buffett chose to inform the Gates Foundation about their exclusion from his will, you’re not legally obligated to do so. In fact, it could just stir up trouble.
However, with Buffett’s situation, his children can start to think about how to spend his money in an appropriate way — even if they’re not quite there yet.
“We have not talked about what we will do because it seems a little premature,” Susie Buffett told the WSJ. “I can imagine it will probably [be] some continuation of what we’ve been doing.”
It’s good practice to review and update your will and estate plans every few years. Many attorneys will advise revisiting your documents every five years to make adjustments.
After all, that planning took time, money and effort — you don’t want it to fall short when the time comes to put it to use.
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