Warren Buffet Asks His Children to Read his Will and Then They Talk...
Thomas Deans, Ph.D.
Full-time Professional Speaker, Author of Every Family's Business, Willing Wisdom and The Happy Inheritor, Founder of the Willing Wisdom IndexTM
When I wrote the first edition of Willing Wisdom in 2013, I introduced the concept of a collaborative will. It was a counter-cultural idea that met resistance - it still does. I heard that revealing the contents of a will would diminish the drive of the rising generation and destroy ambition.
Yesterday Warren Buffett one of the wealthiest people in in the world released his annual letter describing how his children read his will and offer feedback. Warren Buffett also shared that his collaborative and transparent approach to estate planning was learned from his own father.
There is a profound decency, kindness and wisdom that flows from family conversations about wealth. Warren Buffett won't just be remembered as the greatest investor of all-time, he will be remembered as a father who cared deeply about his children.
Advisors who can help their clients build well-considered and communicated estate plans will help build healthy durable families. There are few more noble callings.
BERKSHIRE HATHAWAY INC. NEWS RELEASE FOR IMMEDIATE RELEASE Omaha, NE (BRK.A; BRK.B) – November 25, 2024
"... I have one further suggestion for all parents, whether they are of modest or staggering wealth. When your children are mature, have them read your will before you sign it. Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death. If any have questions or suggestions, listen carefully and adopt those found sensible. You don’t want your children asking “Why?” in respect to testamentary decisions when you are no longer able to respond. Over the years, I have had questions or commentary from all three of my children and have often adopted their suggestions. There is nothing wrong with my having to defend my thoughts. My dad did the same with me. 2 I change my will every couple of years – often only in very minor ways – and keep things simple. Over the years, Charlie and I saw many families driven apart after the posthumous dictates of the will left beneficiaries confused and sometimes angry. Jealousies, along with actual or imagined slights during childhood, became magnified, particularly when sons were favored over daughters, either in monetary ways or by positions of importance. Charlie and I also witnessed a few cases where a wealthy parent’s will that was fully discussed before death helped the family become closer. What could be more satisfying?
Warren Buffet
Thomas Deans Ph.D. is the author of three books on family wealth transfers:
Product Training
2 个月It's a must read, and one of those you ask all your family to read. It's time.
There’s a different approach: Understand your people, their minds and their emotions → then strategize
2 个月As always, terrific advice. This year I included my young adult grandchildren. What an uplifting experience. Even more amazing is that later we toured my home, each weighed in on what of my possessions they wanted after I die. After, we went out for a celebratory dinner.
The first trick is getting people to make a will at all!! People don’t like to think about death or they can’t decide what to do with their money. Especially if they don’t have children.
Executive Coach focused on unlocking potential with expertise in mental health, neurodivergence and family businesses.
3 个月Very wise words and thanks for sharing Tom.
Executive Vice President, Legacy Planning
3 个月Great advice! Thank You for sharing!