Warren Buffett wrote the Gates Foundation out of his will — and left his money in a trust overseen by his kids. Here’s why the billionaire changed his estate plan — and why you should too

This was a huge surprise, as he was on the board of trustees of the Foundation, and has already donated billions of dollars to it.

Instead, the Oracle of Omaha has decided to leave much of his money in a new charitable trust overseen by his three adult children. They must unanimously decide on how to donate his remaining wealth after his death.

Even after giving away more than half of the shares of his company, Berkshire Hathaway, Buffett still owns nearly $130 billion of its stock, as per the WSJ.

“It should be used to help the people that haven’t been as lucky as we have been,” he told the WSJ. “There’s eight billion people in the world, and me and my kids, we’ve been in the luckiest 100th of 1% or something. There’s lots of ways to help people.”

Buffett may be an investing legend, but the recent changes to his will can also provide insights into your own estate planning.

Adjust for family changes

Buffett once famously said that he wouldn’t leave his children much of an inheritance. However, it seems his mindset has slightly changed, as he’s now leaving them in charge of donating his Berkshire Hathaway shares.

“He arrived at the current plan after seeing how his children matured over the years,” WSJ reporter Karen Langley explained.

Buffett’s three children all have their own philanthropic interests. His daughter, Susie, chairs the Sherwood Foundation, which funds Nebraska initiatives in education and social justice.

His eldest son, Howard, heads up the Howard G. Buffett Foundation, which combats human trafficking and mitigates conflict.

Meanwhile, his younger son, Peter, and his wife run the NoVo Foundation, which supports social justice initiatives in marginalized communities.

“I feel very, very good about the values of my three children, and I have 100% trust in how they will carry things out,” Buffett told the WSJ.

Like Buffett’s will, yours should also reflect your own family dynamics.

For instance, if your kids start their own families, you may want to include your grandchildren in your will. Or, if you have a family member whom you don’t want to have access to your estate after you die, make sure to get that in writing.

Get started on your own estate planning

Buffett had spoken with Melinda Gates about his decision to remove the Gates Foundation from his will. So, when the WSJ article came out, it wasn’t news to her.

“No, this decision did not surprise me,” Gates told The New York Times. “It’s been a decision that I think he’s been coming to over time, and I was aware that he was making this decision.”