The investment legend is one of the ten richest people in the world. But ahead of the Thanksgiving holidays he lets a few more details out about his will and executors.
Warren Buffett said he still feels fine. But in a news release posted on Berkshire Hathaway's website, he again noted a number of repeat donations similar to ones he made last year ahead of the US Thanksgiving holidays to four family foundations.
He commented on the step by saying to shareholders that he realizes, at the age of 93, he is «playing in extra innings».
Buffet also described in some detail what should happen to his wealth after he passes. In contrast to other super-rich individuals, he has no plans to have his wealth administered by way of «imaginative» trusts or foreign entities.
Public Disclosure
After he dies, Buffet indicated that his assets will be an open book available for inspection at the Douglas County Courthouse in the US state of Nebraska.
He also named his three children as executors of his will and trustees of the charitable trust that will receive 99 percent of his wealth. The trust will self-liquidate after a decade and will be funded by Berkshire shares to the extent that this is possible.
Children at Retirement Age
Berkshire Hathaway itself will remain the same in the short term, Buffet indicated, its distinctive behavior and characteristics supported by his large holdings of the company's shares. «Before long, however, Berkshire will earn whatever reputation it then deserves. Decay can occur at all types of large institutions, whether governmental, philanthropic or profit-seeking. But it is not inevitable. Berkshire’s advantage is that it has been built to last.»
He trusts his three children with the awesome responsibility they now face. «They were not fully prepared for this awesome responsibility in 2006, but they are now», the billionaire investor indicated. Currently, his children are between 65 and 70, something he finds «hard for their father to believe».
