Berkshire Hathaway released a new statement this week, detailing the planning of Buffett's enormous estate after his passing. (Background: The Black Swan Fund warns: 'The U.S. stock market, cryptocurrencies, and gold will crash before the end of the year.' Major market changes are imminent?) The stock god Warren Buffett's Berkshire Hathaway published a statement this week, detailing his wealth plan after his passing and sharing his views on money, garnering widespread attention from the community. Below is a full translation for you. Today, Warren E. Buffett announced the conversion of 1,600 Class A shares into 2,400,000 Class B shares, donating these Class B shares to four family foundations: 1,500,000 shares were donated to the Susan Thompson Buffett Foundation, with the remaining 300,000 shares donated to the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation, respectively. Mr. Buffett made the following statement to Berkshire Hathaway shareholders: Today's donation will reduce my holdings of Berkshire Hathaway Class A shares to 206,363 shares, a decrease of 56.6% since I made my donation commitment in 2006. In 2004, before my first wife, Susie, passed away, we jointly owned 508,998 Class A shares. For many years, we believed she would outlive me and ultimately distribute most of our wealth. However, that was not the case. When Susie passed away, her estate was worth about $3 billion, of which about 96% was donated to our foundation. Additionally, she left each of our three children $10 million, which is the first time we provided such a large gift to any child. These legacies reflect our belief: extremely wealthy parents should provide their children with enough resources to achieve any goal, but not so much that they become aimless. Susie and I have long encouraged our children to engage in small-scale charitable activities and have been pleased with their enthusiasm, diligence, and results. However, at the time of her passing, they were not prepared to handle the extraordinary wealth generated by Berkshire stock. However, since I made my lifetime donation commitment in 2006 and later expanded the scope of that commitment, their charitable activities have been significantly enhanced. Today, my children have exceeded our expectations. After my passing, they will be fully responsible for gradually distributing all of my Berkshire holdings. These shares currently account for 99.5% of my wealth. Time is relentless, but sometimes it is extraordinarily capricious—if not unfair or cruel. Sometimes life ends at birth or shortly thereafter, while at other times it may last for a century. I have been very fortunate so far, but it will find me in the near future. However, while I can avoid the relentless passage of time, there are disadvantages. Since I made my donation commitment in 2006, my children's life expectancy has significantly decreased. They are now 71, 69, and 66 years old, respectively. I never intended to create a family dynasty nor did I wish to formulate plans beyond my children. I am very familiar with my three children and trust them completely. However, future generations are another matter. Who can foresee the priorities, wisdom, and loyalty of descendants when distributing vast wealth, especially in what may be a vastly different charitable environment? However, the vast wealth I have accumulated may require longer than my children's lifetimes to distribute. Rather than being directed by my will, it is better for three living and capable decision-makers to make better choices. Therefore, I have designated three potential successor trustees. They are all familiar to my children, and we all believe this choice is logical. Moreover, they are somewhat younger than my children. However, these successors are currently on the reserve list. I hope Susie, Howard, and Peter can personally distribute all my assets. Each successor respects my wishes regarding the plan for distributing my Berkshire stock and cannot betray the trust that Berkshire shareholders have in Charlie Munger and me in any way. Between 2006 and 2024, I had the opportunity to observe the actions of each child, and they learned much about large-scale charity and human behavior. Each has led teams of 20 to 30 people for many years and has observed the unique hiring dynamics that affect charitable organizations. Wealthy friends are curious about my extraordinary confidence in my children and their potential successors. They are particularly surprised by my requirement that all foundations must reach a consensus decision. They ask: how is that feasible? I explained that my children will always face eager requests from sincere friends and others. Another reality is that when asked for large charitable donations, “no” often prompts potential beneficiaries to consider other options—such as seeking another friend or a different project. Those who can distribute large sums of money are always seen as “targets of opportunity.” This unpleasant reality is the price of being in this role. Therefore, the “consensus decision” clause allows the donors to immediately and ultimately reply to the applicant: “This is not something my brother (or sister) would agree to.” This response will improve my children's lives. Of course, my consistency clause is not foolproof—if you have nine or ten children or stepchildren, it is clearly not feasible. It also does not solve the daunting issue of how to wisely distribute billions of dollars each year. For all parents, regardless of their wealth, I have one suggestion. When your children are mature enough, let them read your will before you sign it. Ensure each child understands your decision-making logic and the responsibilities they will face after your passing. If they have any questions or suggestions, listen carefully and adopt reasonable advice. You do not want your children to feel confused or dissatisfied with the contents of the will when you cannot answer. Over the years, my three children have raised questions or suggestions about my will, and I often incorporate their opinions. I believe there is nothing wrong with defending my thoughts. My father did the same with me. I change my will every few years—usually just minor adjustments—and keep it simple. Over the years, Charlie and I have witnessed many families split during the posthumous execution of wills due to beneficiaries feeling confused or angry. Jealousy, as well as actual or imagined resentments from childhood, especially when sons are financially or significantly favored, are often magnified. We have also witnessed situations where wealthy parents who fully discuss their wills with family before passing away have closer family relationships. What could be more satisfying than that? As I write this statement, I continue to enjoy a fortunate life since my birth in 1930. I was born in the United States as a white male. My two sisters, of course, have also been explicitly promised equal treatment with men since the passage of the 19th Amendment in 1920. After all, this is the message we conveyed in our thirteen colonies in 1776. However, America in 1930...