Warren Buffet is one of the most successful investors of all time. He is worth somewhere around $153 Billion. He’s also 94-years old (and still running his company, with no signs of retiring).

When you have that much money, you need to think a lot about what will be done with it after you pass away. Buffet has long been one of the most generous philanthropists, donating billions to various charities over the years. He has also long pledged to have most of his wealth given away after he dies.

Recently, he the Associated Press quoted him about some of the updates he has made to his ‘estate plan’.  He said:

“Father time always wins. But he can be fickle — indeed unfair and even cruel — sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit. But he can be fickle — indeed unfair and even cruel — sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit.”

For around a decade and a half, Buffet has been donating large sums of money each year to the Bill & Melinda Gates Foundation as well as giving each of his three children’s charitable organizations money to try to help their causes.

It was previously announced that once he dies, his wealth will go to his children’s charitable organizations and they must give it all away within 10 years. More recently, he commented about his children getting older as well and the fact that they may not outlive him, much less live for 10 years after his death. With that, he has confirmed that part of his estate planning includes contingencies in case his children cannot fulfil his wishes regarding his wealth.

He has not made it public exactly what will happen, but it undoubtedly involves naming others to give away the money on their behalf. This is in line with his comments about what massively wealthy people should do with their money in regards to their children:

“Hugely wealthy parents should leave their children enough so they can do anything but not enough that they can do nothing.”

His children are already above retirement age themselves, however, so this isn’t much of a concern at this point.

Hopefully his money will do a lot of good.

If you thought that was interesting, you might like to read a story that reveals Earth’s priciest precious metal isn’t gold or platinum and costs over $10,000 an ounce!