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When your children are mature, have them read your will before you sign it, Buffett wrote.
Buffett went on to say that he and his late wife Susie encouraged their kids to be philanthropic.
Their kids did just as their parents wished, and withgusto and intelligence.
Buffett shared that he and Susies children have exceeded their parents expectations.
These now account for 9912% of my wealth.
Theyre getting older, too.
Buffett shared that his kids are now 71, 69 and 66.
Ive never wished to create a dynasty or pursue any plan that extended beyond the children, Buffett said.
…the massive wealth Ive collected may take longer to deploy than my children live.
Buffett appointed three potential successor trustees.
Each is well known to my children and makes sense to all of us, Buffett wrote.
They are also somewhat younger than my children.
But these successors are on the wait list.
I hope Susie, Howie and Peter themselves disburse all of my assets.
How can this be workable?
Ive explained that my children will forever be besieged with earnest requests from very sincere friends and others.
Those who can distribute huge sums are forever regarded as targets of opportunity.
This unpleasant reality comes with the territory.
With the unanimous decision provision, each heir mustnt make a big move without their siblings consent.
Though this helps, it doesnt seal off all exposure to headaches.
For example, it doesnt solve the daunting problem of intelligently distributing many billions annually, Buffett wrote.
But its a help, and its important that each of Buffetts heirs understand whats to come.
Maybe youve even encountered scenarios like this in real life.
They make for exciting, dramatic stories and totally dysfunctional realities.
If any havequestions or suggestions, listen carefully and adopt those found sensible.
You dont want your children asking Why?
in respect to testamentary decisions when you are no longer able to respond.
That was not to be.
Father time always wins.
To date, Ive been very lucky, but, before long, he will get around to me.
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