Niamh Shackleton
Warren Buffett has explained why he won't be leaving his staggering wealth to his children.
The multibillionaire is father to three kids: Susan, 71, Howard, 69, and 66-year-old Peter.
Buffett shares his children with his late wife Susan, who passed away in 2004.
But there won't be any nepo babies in the Buffett family, as the investor plans on giving away almost all of his wealth when he passes.
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Buffett has already given away a staggering amount of his money over the years, and is said to have gifted $57 billion to charitable causes, Reuters reports.
Just a few months ago, the 94-year-old businessman donated $5.3 billion of Berkshire Hathaway stock to the Bill & Melinda Gates Foundation.
As to why he's wanting to give away his wealth instead of giving it to his children, Buffett says it's because he never intended to create any kind of family dynasty.
"I’ve never wished to create a dynasty or pursue any plan that extended beyond the children," he penned in a letter obtained by CNBC.
"I know the three well and trust them completely. Future generations are another matter.
"Who can foresee the priorities, intelligence and fidelity of successive generations to deal with the distribution of extraordinary wealth amid what may be a far different philanthropic landscape?"
In light of his children's ages, Buffett - who still lives in the home he purchased in 1958 - has nominated three potential successor trustees to divvy out his money should his kids die before it's all donated.
He added that the three unnamed trustees are 'on a waitlist' and expressed his hopes that Susan, Howard and Peter will 'disburse all of [his] assets'.
While some kids might be jaded at the thought of not inheriting their father's vast wealth, Buffett insists that the trio 'are not preoccupied with wealth'.
He wrote: "The 2006-2024 period gave me the chance to observe each of my children in action and they have learned much about large-scale philanthropy and human behavior.
"They enjoy being comfortable financially, but they are not preoccupied with wealth. Their mother, from whom they learned these values, would be very proud of them. As am I."
While there are very few people in the world with wealth like his, Buffett shared some advice to other parents about money discussions with their children.
"Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death," he said in the same letter, explaining why all his wealth won't be going to his kids.
"You don’t want your children asking 'Why?' in respect to testamentary decisions when you are no longer able to respond."