Warren Buffett celebrates Thanksgiving with a nearly $900 million gift - and details what will happen to his fortune after his death
". . ."Dynastic wealth ... is not desirable," Buffett wrote, before adding that "being rich does not make you either wise or evil."
"They were not fully prepared for this awesome responsibility in 2006, but they are now," he said, referring to the "Giving Pledge" he took that year to donate virtually all of his wealth to good causes.
- The Berkshire chief said the trio in charge of his fortune will have to make unanimous decisions, and must always have designated successors to avoid disputes over who's in charge. He noted his trust would have a broad charter, as laws around philanthropy change over time and "wise trustees above ground are preferable to any strictures written by someone long gone."
- Buffett added that his trust will self-liquidate after a decade or so and operate with a lean staff, presumably to ensure it distributes his wealth promptly and maximizes the amount of money that goes toward good causes.
The billionaire also touched on Berkshire's prospects in the post-Buffett era, saying his successor, Greg Abel, and the board of directors are the right choices to take the company forward. While large organizations can suffer decay, "Berkshire's advantage is that it has been built to last," he said.
Buffett cautioned that his large stake in Berkshire would help maintain the company's identity for a while after his death, but soon enough "Berkshire will earn the reputation it deserves."
Finally, Buffett promised the distribution of his assets after his death will be an "open book" — a straightforward will that anyone can inspect at the county courthouse.
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