Warren Buffett has shared an important piece of advice for “all parents,” irrespective of their wealth. In a statement released Monday, the CEO of Berkshire Hathaway suggested that 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” has stressed that children must know the logic behind their parents’ decision before it’s too late to ask “why.”
Warren Buffett’s important advice to ‘all parents’
Regarded as one of the greatest investors of all time, Buffett has an estimated net worth of $133 billion, according to Forbes. “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,” he said in his letter.
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.
“Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death,” Buffett, who is 2024’s sixth richest man in the world, went on, adding, “If any have questions or suggestions, listen carefully and adopt those found sensible.”
Buffett, who has three adult children, confessed that he changes his own will “every couple of years,” adopting his children’s suggestions. “You don’t want your children asking “Why?” in respect to testamentary decisions when you are no longer able to respond,” he said.
“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,” Buffett added.
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