Most parents leave instructions about who gets the house or the vacation cabin. Berkshire Hathaway chairman and CEO Warren Buffett is leaving something far more complicated behind. His children will eventually decide how to distribute one of the largest fortunes ever built.
In the CNBC special “Warren Buffett: A Life and Legacy,” hosted by Becky Quick, Buffett’s three adult children discussed the responsibility their father has placed on them. Susan “Susie” Buffett, Howard G. Buffett and Peter Buffett will ultimately oversee how the Berkshire Hathaway wealth he built is directed after his death.
The assignment is enormous. Buffett has said he wants the bulk of his fortune distributed within about ten years after he is gone, meaning decisions that could move tens of billions of dollars each year.
Howard said the plan did not arrive as a single dramatic announcement.
“There were hints kind of as we went through the wills,” Howard said. “Some of it evolved and then he just kind of decided.”
Those conversations stretched back years as Buffett updated his will and invited questions about how the money might eventually be used. Susie said their father believed it was better to talk through those decisions early rather than leave confusion behind.
“He’s always been really open about talking about it,” Susie said.
Despite those discussions, Buffett avoided leaving behind a detailed blueprint. Peter said the guidance he heard from his father has always been broad rather than prescriptive.
“The only thing I’ve heard is what he’s also said publicly,” Peter said. “He hopes that the money can go to people… less fortunate, you know, below the poverty line… that it would in some way affect a population that normally doesn’t have the same kinds of opportunities.”
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The mechanics of how the money will actually be distributed add another layer of complexity. During the interview, Quick pointed out that Buffett structured the plan so major decisions must be unanimous among the three siblings.
The arrangement may sound simple on paper, but it means every large grant will require agreement between all three of them.
Howard said the biggest challenge will come from balancing their father’s timeline with another reality tied to Berkshire Hathaway itself.
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“The biggest challenge will be balancing the fact that he wants to see this money spent in 10 years, more or less,” Howard said. “And then balancing that with how you lose control over Berkshire voting shares.”
The timing of those decisions cannot be fully mapped out in advance. Markets change, boards change and the company itself will evolve after Buffett is gone.
“You can’t figure that out until you’re in that moment and some time starts to go by,” Howard said.
Even accepting the role was not automatic. Peter admitted his first reaction was hesitation.
“I did not want it,” Peter said. “When I called him up and said, ‘I want to opt out,’ he said, ‘I don’t blame you.'”
Still, the siblings say their father spent decades preparing them for the responsibility. Each has run philanthropic organizations of their own and has years of experience directing charitable funds.
Howard acknowledged the scale of what lies ahead.
“It’s something nobody has done, certainly not as a family,” Howard said.
When the time comes, the Buffett siblings will face decisions that could shape one of the largest philanthropic efforts in history.
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This article Billionaire Warren Buffett's Kids Must Give Away $150 Billion In 10 Years — But Each Donation Must Be Unanimous, Son Told Him 'I Want to Opt Out' originally appeared on Benzinga.com
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