- Warren Buffett's vast fortune will go into a charitable trust when he dies, the billionaire told The Wall Street Journal.
- The fund will be run by his three children, who each lead their own foundations.
- Buffett's donations to the Gates Foundation will end, he told the outlet.
Warren Buffett will make philanthropy his final act.
The billionaire Berkshire Hathaway CEO plans to put the majority of his wealth into a new charitable trust managed by his three children, he told The Wall Street Journal.
At present, Warren owns close to $130 billion in Berkshire shares.
"I feel very, very good about the values of my three children, and I have 100% trust in how they will carry things out," the legendary investor said.
Upon his death, Susie, Howie and Peter Buffett will then have to unanimously decide the best philanthropic use for their father's vast fortune. Each is already responsible for their own foundations, WSJ said.
Susie Buffett chairs the education and social justice-oriented Sherwood Foundation, and the Susan Thompson Buffett Foundation, focused on reproductive rights.
Howie Buffett heads the Howard G. Buffett Foundation, which is involved in food security and the mitigation of conflict and human trafficking.
Peter Buffett and his wife are in charge of the NoVo Foundation. The organization leads several projects, including work with indigenous groups.
"I like to think I can think outside the box, but I'm not sure if I can think outside the box when it's 6 feet below the surface and do a better job than three people who are on the surface who I trust completely," Buffett said. He has not directed his children on how to use the funds.
Since 2006, the 93-year-old billionaire has already been contributing to the four foundations run by his children, as well as to the Bill & Melinda Gates Foundation Trust.
The practice will continue until his passing, though donations to the latter will then end.
"The Gates Foundation has no money coming after my death," he told WSJ. Until 2021, he served as a trustee of the Gates Foundation.
In the 18 years since he started donating, Buffett has given 5% of his remaining Berkshire shares each year. To fund his latest round of giving, Berkshire announced that Buffet was converting 8,674 of Berkshire Class A shares into Class B ones, WSJ said.