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Warren Buffett Donates R$ 6.55 Billion in Berkshire Shares

Centibillionaire Warren Buffett increased his philanthropic donations record by more than R$ 5.7 billion last Monday (27) and, at the same time, updated his will, in an animated and emotional letter to the shareholders of his company, Berkshire Hathaway. 

Buffett announced that he will donate approximately R$ 6.55 billion in Berkshire shares to his family's charitable foundations, including those managed by his three children: Howard, Peter and Susie Buffett.

The investor reaffirmed his desire for his children to “gradually distribute” all the Berkshire shares he owns – the papers represent 99.5% of his fortune. Buffett explained that he “never wanted to create a dynasty or pursue any plan that extended beyond his children.” Since pledging in 2006 to give away most of his wealth, he has given away 56.6% of his Berkshire holdings. At 94, Buffett revealed that he has revamped his estate plan for when he dies. The billionaire indicated that he has named three “successor trustees” for each of his children in his will. Should anything happen to his children, who are between 66 and 71 years old, the trio who will oversee his fortune after his death must make unanimous decisions on the release of any funds. “Tomorrow’s decisions are probably better made by three living, well-directed brains than by one dead hand,” Buffett explained. Buffett, widely considered the most renowned stock investor in history, offered some blunt advice on estate planning on Monday that applies beyond the few who possess wealth of his magnitude. “When your children are mature, have them read your will before you sign it,” Buffett wrote, adding, “You don’t want your children asking ‘Why?’ about your will when you can no longer answer.”

Source: Forbes Brazil

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