A recent article published by CNBC highlighted some unexpected advice for parents from Warren Buffett, the legendary investor and CEO of Berkshire Hathaway. Buffett’s words of wisdom: let your adult children read your will before you sign it. Buffett, who has built an astonishing $150 billion fortune, believes that this step can prevent misunderstandings and conflicts among heirs, fostering stronger family relationships.
Click here to read the full article: Warren Buffett suggests all parents do one thing before they die.
Buffett’s advice was originally issued in a widely distributed press release under the Berkshire Hathaway imprint. In the release, Buffett emphasized the importance of transparency and open communication, urging parents to explain the reasoning behind their decisions and the responsibilities their children will face. This advice, aimed at parents of all wealth levels, highlights Buffett’s commitment to practical and thoughtful estate planning.
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. 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. You don’t want your children asking “Why?” in respect to testamentary decisions when you are no longer able to respond.
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.
I change my will every couple of years – often only in very minor ways – and keep things simple. Over the years, Charlie and I saw 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, particularly when sons were favored over daughters, either in monetary ways or by positions of importance.Charlie and I also witnessed a few cases where a wealthy parent’s will that was fully discussed before death helped the family become closer. What could be more satisfying?
As a company specializing in end-of-life planning, we think Buffett’s advice makes a lot of sense. In fact, we would take it one step further. In addition to letting your family know about your estate plan, we strongly suggest you share your funeral plan.
Of course, talking about your end-of-life plans isn’t always easy. Luckily, we got advice and tips on how to go about it. Read our article, Talking About Your Funeral Plan, to learn more.
If you haven’t started thinking about your funeral plan yet or don’t know where to start, take advantage of our funeral planning resources. We can also connect you with one of our planning specialists when you’re ready to get started.
