Warren Buffett is 95. He’s still sharp, still living in the same Omaha house he bought in the fifties, and still drinking an alarming amount of Cherry Coke. But the "Oracle of Omaha" is finally getting his house in order. For years, everyone assumed the Bill & Melinda Gates Foundation would be the primary home for his massive fortune. That's changed. In a series of letters and interviews that have rippled through the financial world, it’s official: Warren Buffett has named his heirs to his estate, and they aren't who you might expect.
Honestly, it’s a bit of a plot twist.
Instead of a giant, institutionalized foundation run by technocrats, Buffett is putting his money—nearly $150 billion of it—into a private charitable trust overseen by his three children. Susie, Howie, and Peter. They’re the ones who will decide where every last cent of the Berkshire Hathaway fortune goes.
The $150 Billion Family Meeting
Buffett’s kids aren't exactly "kids" anymore. Susie is 72, Howie is 71, and Peter is 67. They’ve spent decades running their own philanthropic outfits, which is basically why Buffett finally feels they’re ready for the big leagues.
The most fascinating part? They have to agree. Unanimously.
If you have siblings, you know how wild that sounds. Imagine trying to decide where to go for dinner with your brother and sister, then multiply that by a hundred billion dollars. Buffett says he did this on purpose. He wants to protect them from being "targets of opportunity." If a pushy solicitor corners one sibling, they can just say, "Hey, I’d love to help, but my brother and sister have to sign off on it too." It’s the ultimate polite "no."
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A Breakdown of the New Power Trio
- Susie Buffett: She’s the eldest and runs the Sherwood Foundation. Her focus has always been local—Omaha, specifically—and early childhood education. She’s often seen as the emotional heart of the family.
- Howard G. Buffett: The middle child. He’s a farmer, a former sheriff, and a guy who spends a lot of time in conflict zones like Ukraine. His foundation focuses on food security and public safety.
- Peter Buffett: The youngest. He’s a musician and composer. Along with his wife, Jennifer, he runs the NoVo Foundation, which focuses on empowering girls and supporting Indigenous communities.
Buffett didn't just wake up and decide this. He’s been watching them. He noted in his November 2024 shareholder letter that while they weren't ready for this "awesome responsibility" back in 2006, they’ve matured into it. It’s a classic Buffett move: wait for the right value to emerge before making the trade.
Why the Gates Foundation Got Dropped
This is the question everyone is whispering about. For nearly two decades, the Bill & Melinda Gates Foundation was the designated recipient of Buffett’s wealth. He’s already given them roughly $43 billion. But when he dies, the spigot turns off.
Why? Some people point to the Gates' divorce. Others suggest Buffett was bothered by the "bloat" and high operating costs of such a massive organization. Buffett himself is more diplomatic. He basically says he wants "three live brains" making decisions in real-time rather than a "dead hand" following a plan written years ago.
He wants his money to react to the world as it is in 2030, 2040, or 2050. Taxes change. Laws change. The world’s problems change. He trusts his children to see those changes from "above ground" rather than trying to dictate things from six feet under.
The Estate Plan Nobody Talks About: The S&P 500
While the headlines are all about the $150 billion charitable trust, there’s a smaller, more practical part of the plan for his wife, Astrid. It’s the most "Buffett" advice ever.
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He hasn't left her a complex portfolio of hedge funds or exotic derivatives. Instead, his will instructs the trustee to put 90% of the cash into a low-cost S&P 500 index fund (he specifically mentioned Vanguard) and 10% into short-term government bonds.
It’s a slap in the face to the high-fee wealth management industry. If the richest investor in history thinks a basic index fund is good enough for his own widow, what does that say about the expensive "expert" advice most people pay for?
"I believe the long-term results from this policy will be superior to those attained by most investors—whether pension funds, institutions, or individuals," Buffett wrote.
The "Enough But Not Too Much" Rule
You’ve probably heard the famous Buffett quote: leave your kids "enough so they can do anything, but not enough that they can do nothing."
He’s sticking to it. Warren Buffett has named his heirs to his estate as managers of his wealth, not owners of it. Each of his children reportedly received about $10 million from their mother’s estate years ago. To a normal person, $10 million is life-changing. To a billionaire, it’s a rounding error.
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They won't be inheriting the Berkshire Hathaway shares for their personal bank accounts. They are essentially being given a very, very big job. They have 10 years after his death to distribute the entire fortune.
What Happens to Berkshire Hathaway?
The market used to freak out about "the day after Warren." Not so much anymore. The succession plan for the company is just as clear as the estate plan. Greg Abel is the CEO-in-waiting. Howard Buffett will likely become the non-executive Chairman to protect the "culture" of the firm.
Buffett has started converting his heavy-hitting Class A shares into Class B shares to facilitate these donations. He’s doing it slowly. He doesn't want to shock the system. He’s even named "successor trustees" who are younger than his children, just in case Susie, Howie, or Peter aren't around to finish the ten-year draw-down. He’s thinking three moves ahead, as always.
Actionable Takeaways from the Buffett Will
You don't need a billion dollars to learn from how Warren Buffett has named his heirs to his estate. His strategy offers some pretty blunt lessons for anyone with a house, a 401(k), and a family.
- The "Read the Will" Test: Buffett recently told parents to let their adult children read the will before they sign it. If they have questions or think something is unfair, deal with it now while you're still alive. It prevents "Succession"-style drama later.
- Keep it Simple: If you’re worried about how a spouse or child will manage money, remember the 90/10 rule. A low-cost index fund and a few bonds beat a complicated mess every time.
- Flexibility is Key: Don't try to control the world from the grave. Conditions change. If you trust your heirs, give them the power to adapt to those changes.
- Charity Starts with a Plan: If you want to leave money to a cause, be specific about the "who" and the "how," but leave room for the "when."
Warren Buffett is effectively ending the era of the "Great Man" foundation and replacing it with a family-driven mandate. It’s a bet on the people he knows best. Whether the three siblings can maintain the "unanimous" harmony their father expects is the $150 billion question.
Next Steps for Your Own Estate
- Review your beneficiaries: When was the last time you checked your 401(k) or life insurance? If it was more than three years ago, it’s outdated.
- Draft a Letter of Intent: Beyond the legal jargon of a will, write a letter to your heirs explaining why you made the choices you did.
- Consult a Fiduciary: If you're moving significant assets, ensure your advisor is legally required to act in your best interest—not just selling you products for a commission.
The Oracle has spoken, not with a stock tip, but with a blueprint for how to leave the world without leaving a mess behind.