Warren Buffett has a piece of advice for parents, regardless of their wealth: let your children read your will before you finalize it.
In a letter released Monday, Buffett emphasized the importance of open communication about inheritance.
“Make sure each child understands the logic behind your decisions and the responsibilities they will face after your passing,” wrote the billionaire investor, who has a personal fortune of $150 billion and three children.
Buffett encouraged parents to listen to their children’s questions and suggestions.
“Adopt ideas that make sense,” he advised. “You don’t want your children asking ‘Why?’ about testamentary decisions when you are no longer there to respond.”
Drawing from his observations over the years, Buffett highlighted the emotional turmoil that often arises when unclear or surprising instructions in a will lead to confusion and resentment among heirs.
“I’ve seen many families torn apart because posthumous dictates left beneficiaries confused or angry. Childhood jealousies and perceived slights only become magnified,” he noted.
Buffett’s advice underscores the importance of clarity and transparency in estate planning to avoid future familial discord.
