Warren Buffett changes will, reveals what happens to his money after death

Billionaire investor Warren Buffett announced what happens to his money after his demise in a significant change to his long-standing philanthropic strategy. In an interview with the Wall Street Journal, Buffett revealed that he reworked his will recently, according to which he'll discontinue contributions to the Bill & Melinda Gates Foundation after his passing.“The Gates Foundation has no money coming after my death,” the 93-year-old investor told WSJ.Instead, the 93-year-old billionaire, who is at the helm of Berkshire Hathaway, has decided to entrust his three children with the responsibility of determining how to allocate the remainder of his $128 billion estate. According to his new plan, Howard, Susie, and Peter Buffett will need to reach a unanimous agreement on where to distribute his Berkshire Hathaway stock following his death.Buffet made $5.3 billion donation in Berkshire Hathaway stock to the Bill & Melinda Gates Foundation and four other family charities, marking his largest annual contribution since he started his philanthropic efforts in 2006.This donation increases his total charitable giving to approximately $57 billion. The latest contribution includes around 13 million Berkshire Class B shares, with 9.93 million shares going to the Gates Foundation. Buffett's total donation has crossed$43 billion in Berkshire shares to the Gates Foundation. Buffett was part of the Foundation board until 2021 when his close friend Bill Gates announced his divorce from Melinda.Additionally, he gave 993,035 shares to the Susan Thompson Buffett Foundation, named after his late first wife, and 695,122 shares each to three charities managed by his children: the Howard G. Buffett Foundation, the Sherwood Foundation, and the NoVo Foundation, reported Reuters.Despite his extensive charitable donations, Buffett still holds 14.5% of Berkshire’s outstanding shares as confirmed by a regulatory filing on Friday. The filing also suggest that based on Buffett's holdings, Berkshire has repurchased little or none of its own stock since April 19.Buffett's net worth stands at $128.4 billion, making him the world’s 10th richest individual according to Forbes magazine. He attributes his wealth to several factors: the benefits of compounding, sound capital deployment at Berkshire, and what he calls the "American tailwind."Buffett, along with Bill Gates and Melinda French Gates, initiated the Giving Pledge, which encourages wealthy individuals to commit at least half of their wealth to philanthropy. This pledge includes names like Sam Altman, Michael Bloomberg, Carl Icahn, Elon Musk, and Mark Zuckerberg.Mark Suzman, CEO of the Gates Foundation appreciated Buffet's donations till now and issued a statement. He said, “Warren Buffett has been exceedingly generous to the Gates Foundation through more than 18 years of contributions and advice. He has played an invaluable role in championing and shaping the foundation's work to create a world where every person can live a healthy, productive life. We are deeply grateful for his most recent gift and contributions totaling approximately $43 billion to our work.”Buffet has also spoken favourably for India while sharing his intent to invest in the country. Last month, he said that the Indian market has "unexplored" opportunities, which his conglomerate holding company, Berkshire Hathaway, would like to explore "in the future".