Warren Buffett shares bits of his wisdom for all parents, and it has something to do with the ‘will’!
Published On : 2024-11-28T01:38:06+0530 [ IST ] |
Author : Mayur_Tembhare
Reading Time : 2 mins
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The CEO of Berkshire Hathaways said parents should let their children read their will before they die. While addressing one's own death can be a difficult topic of conversation the “Oracle of Omaha” stressed that children must know the logic behind their parents' decision before it's too late
What Warren wrote:What Warren wrote:
What Warren wrote:
Warren Buffet wrote in a statement: “Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death.” The Oracle of Omaha has three children.
The 94-year-old explained that children must understand their parents' logic behind the decisions they made before their death and clarify their doubts related to those decisions.
Buffett is the sixth richest man in the world in 2024. He added: “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.”
Warren's will: Warren's will:
Warren’s will:
Buffett is worth more than $150 billion and has three adult children. The CEO of Berkshire Hathaway admitted that he changes his own will “every couple of years,” adopting his children's suggestions.
In his letter Buffett also recalled that over the years he witnessed “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.”
How the internet resonated:How the internet resonated:
How the internet resonated:
Douglas Boneparth a certified financial planner agreed with Warren Buffett’s advice to reveal your estate plan.
According to Boneparth, “Kids’ imagination can run wild with what they think they should be getting.” As a result, you should be as clear and thorough as possible about who will receive what and why.
Boneparth also added that if the inheritance is not split equally between siblings as a parent you would want to explain why. As per him one would need to explain that maybe one child would receive more because another got help with a down payment on a house or attended a far more expensive college
Source : Reporters From Sunrise Chronicles
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Summary :
The CEO of Berkshire Hathaways said parents should let their children read their will before they die. While addressing one's own death can be a difficult topic of conversation the “Oracle of Omaha
