Warren Buffett is 95 years old. He’s sharp, he’s still drinking Cherry Coke, and he’s still the face of Berkshire Hathaway. But the "Oracle of Omaha" has spent the last year making it very clear that the end of his era is coming. People have spent decades wondering where that mountain of money—upwards of $150 billion—is actually going to land. Well, the mystery is basically over. Warren Buffett has named his heirs to his estate, and the details are honestly a bit of a curveball if you’ve been following his decades-long friendship with Bill Gates.
For years, the plan was simple: the money goes to the Bill & Melinda Gates Foundation. That was the deal. But things change. Families grow up. Perspectives shift. In a series of letters and interviews over the last year, Buffett revealed a major pivot. He’s not leaving the bulk of his fortune to a giant, established foundation anymore. Instead, he’s handing the keys to a brand-new charitable trust managed by his three children: Susie, Howard, and Peter.
The Trio Taking the Reins
It’s easy to think of "heirs" and imagine three people suddenly buying private islands and gold-plated jets. That’s not what’s happening here. Buffett has famously said he wants to leave his kids "enough money so that they would feel they could do anything, but not so much that they could do nothing." They aren't getting the $150 billion to spend on themselves. They are getting it to give away.
Susie Buffett (72), Howard G. Buffett (71), and Peter Buffett (67) are the designated architects of this legacy.
They aren't exactly rookies. Susie runs the Sherwood Foundation in Omaha, focusing on early childhood education and social justice. Howard, a farmer and former sheriff, runs the Howard G. Buffett Foundation, which tackles global food security and conflict mitigation. Peter, a musician, leads the NoVo Foundation, focusing on indigenous communities and girls' empowerment.
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Buffett’s logic is pretty straightforward. He’s seen them work. He’s watched them manage their own foundations for decades. He basically said that while he can try to "think outside the box" now, he won't be doing much thinking from six feet under. He trusts the three people on the surface who share his values.
The "Unanimous" Rule
Here is the kicker: the siblings have to agree. All of them.
Buffett’s will specifies that for the money to move, the three children must reach a unanimous decision on where it goes. If you have siblings, you know how high that bar actually is. He did this for a very specific reason. He wants to protect them. By requiring all three to sign off, no single child becomes a "target of opportunity" for every charity, lobbyist, or grifter on the planet. They have to act as a unified wall.
What Happens to Bill Gates?
This is the part that set the financial world buzzing. Since 2006, Buffett has funneled roughly $43 billion into the Gates Foundation. It was the ultimate power-philanthropy bromance. But Buffett has officially confirmed that the "spigot will turn off" upon his death.
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Why the change? It doesn’t seem to be a dramatic falling out, despite some rumors about "lifestyle differences" or the Gates’ divorce. It’s more about the evolution of the Gates Foundation itself. It has become a massive, global bureaucracy. Buffett, a man who runs a trillion-dollar company with only about 25 people in the home office, has a natural aversion to "bloat."
By shifting the estate to his children’s trust, he’s keeping it lean. He’s keeping it family-run. Most importantly, he’s giving his kids the flexibility to react to the world as it exists in 2030 or 2040, rather than locking them into a plan written in 2006.
The 10-Year Clock
The money won't sit there forever. Buffett doesn't believe in "dynastic" wealth or foundations that exist just to pay consultants. While he recently softened the strict "10-year" deadline he once mentioned, the expectation remains that the funds will be distributed "gradually" and with a sense of urgency.
He’s also prepared for the "what if" scenario. His children are in their late 60s and early 70s. What if they don't outlive the distribution of $150 billion? Buffett has already named three successor trustees. These individuals are younger, well-known to the family, and ready to step in if the siblings can't finish the job. He’s thinking three moves ahead, as usual.
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The Business Side: Who Gets Berkshire?
While the children get the philanthropy, they aren't running the "business" of Berkshire Hathaway. That’s a separate track.
- Greg Abel: He’s the guy. As the designated successor to the CEO role, Abel has already taken over much of the day-to-day operations.
- Howard Buffett: In addition to his charity work, "Howie" is slated to become the non-executive chairman. His job isn't to pick stocks; it’s to guard the "culture." He's the guy who fires the CEO if things go south or if the company loses its "Omaha soul."
- The Stock: Buffett’s Class A shares will be converted into Class B shares over time and moved into the trust. This prevents a massive "dump" of stock that could crash the price.
Why This Matters for You
You might not have $150 billion, but Buffett’s estate planning offers a few "real world" lessons that actually apply to normal people.
- Talk to your kids now. Buffett has his children read his will before he signs it. He wants their feedback while he’s still alive to explain his reasoning. No "deathbed surprises."
- Flexibility is king. Don't lock your heirs into rigid rules that might not make sense in ten years. Give them the framework, but let them make the calls.
- Trust is the ultimate currency. He isn't using complex "imaginative trusts" or offshore entities. It’s a simple will, filed in a local courthouse, based on the trust he has in three people.
If you’re looking to get your own affairs in order, start by documenting your "why" alongside your "what." Write a letter to your heirs explaining the logic behind your distributions. It’s often the lack of explanation—not the lack of money—that tears families apart during probate. If the richest man in the world thinks it’s important to defend his thoughts to his kids, you probably should too.
Next Steps for Your Legacy:
If you want to follow the "Buffett Model," sit down with your adult children this week. Don't just tell them what they’re getting; show them the document. Ask them if the responsibilities you're leaving them feel like a gift or a burden. Adjust accordingly while you still have the pen in your hand.