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What Warren Buffett Wants Every Parent to Do With Their Will Before It’s Too Late
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Legendary Investors Warren Buffett Regardless of their wealth level, there are smart estate programs recommendations for all parents: Let your adult children read your will before signing.
In a disclosed letter to shareholders in November 2024 Berkshire Hathaway (brk.a) The CEO explained that this simple behavior prevents family conflict and strengthens relationships after parents die.
“I have had questions or comments from three kids over the years,
“Their advice is often adopted. There is nothing wrong with me that I have to defend my own ideas. My father is like me.”
Key Points
- Warren Buffett recommends having adult children review your will before signing it to make sure they understand your decisions and future responsibilities.
- Buffett said he received questions and comments from his three children and often took their advice when updating his will.
- Public discussions about inheritance plans can prevent frequent family conflicts and jealousy after parents die.
Why it is important to share your will
Buffett’s advice stems from decades of observing families that have been torn apart by unexpected or confusion heritage Decide. When a child finds something Will be Only after the death of parents can questions about favored fairness and childhood memories surface and may forever destroy the sibling relationship.
“While it’s important to have a well-written real estate document, we’ve seen that most real estate planning has problems due to emotional issues,” he said. Mitchell KrausA certified financial planner at Capital Intelligence Associates told Investopedia. “For most families, the best way to ensure there is no fight after death is to have intergenerational conversations.”
Buffett says parents should be prepared Defend their choice And listen to their input while they are alive, just as his father has done to him.
Buffett has always been frank about his view of restrictions Generational wealth transfer Through inheritance. “I never want to build a dynasty or make any plans beyond the child,” he wrote in his November 2024 letter. He explained his “conviction that parents with very wealthy parents should give their children enough so that they can do anything but not enough that they can do nothing.”
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this “Omaha’s Oracle” Practice his sermon. He said he updated his will every few years, sometimes making minor adjustments based on conversations with his three children. He said this helps his family maintain strong relationships while managing the responsibility to inherit a large amount of wealth. Indeed, Buffett believes that public discussion of inheritance plans can help families grow closer rather than split.
“Make sure every child understands the logic of your decision and the responsibilities they will encounter after they die,” Buffett wrote. “If anyone asks questions or suggestions, listen carefully and adopt the wise thing found. You don’t want your child to ask ‘Why?’ about will decisions, when you are no longer able to respond.”
In the United States, up to 3% of wills are subject to competition. Will compete It can be devastating for families and can be financially exhausted. The legal battle on inheritance may take years to resolve Probate Court And can cost thousands of dollars in legal fees.
Bottom line
“The biggest stumbling block is usually the older generation who don’t want to solve the possible problems,” Klaus said. Buffett advises parents to disclose their will to their children before finalizing their children to prevent future family conflicts. This reflects his broader belief in inheritance management and family communication: parents who openly discuss such decisions and seek opinions from their adult children can avoid misunderstandings and build stronger family connections while ensuring that their desires are fully understood.
Buffett’s real estate planning strategy may be an opportunity for meaningful family discussion rather than potential discord. But what if your family relationship is already very passionate? Professionals also have a way to deal with this. “For more dysfunctional families, we recommend professionals to hold home meetings and make sure things don’t get out of control,” Klaus said.
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