Warren Buffett's Will, and What We Can All Learn From It

When Warren Buffett speaks, people listen. But when the 94-year-old billionaire offers estate planning advice? That’s when financial planners like me pay especially close attention.

In a recent letter to Berkshire Hathaway shareholders, Buffett made a simple yet profound suggestion: Let your adult children read your will before you sign it. He explains that this transparency helps ensure your loved ones understand not only what your intentions are, but also why you've made the decisions you have, and what responsibilities they may inherit.

It's easy to assume this kind of conversation is only relevant if you're managing a fortune like Buffett’s (currently estimated at $150 billion). But the principle applies to all families, regardless of wealth.

Why This Matters

Too many families avoid talking about inheritance, wills, estate plans, or money altogether. It's uncomfortable. It feels morbid. And for many parents, it’s emotionally charged, especially when they fear it could stir up conflict or disappointment among their children.

But the truth is, avoiding the topic doesn’t eliminate conflict. It often guarantees it.

I've seen it firsthand. Families surprised by the contents of a will during an already painful period of grief. Siblings turning against each other. Children feeling confused or betrayed. In most cases, these situations could have been softened (or avoided) by having open conversations while the parent was still alive.

Buffett’s approach is wise. He not only shares his will, but invites feedback from his children. In fact, he’s revised his will many times over the years based on their maturity, questions, and suggestions. That level of openness doesn’t just prevent conflict, it fosters trust, respect, and shared values.

How to Talk to Your Adult Children About Your Will Without Creating Conflict

MIT AgeLab director Joseph Coughlin points out that these discussions should happen in small doses over time, not in a single, high-stakes meeting. I couldn’t agree more.

It’s less about dumping information and more about creating space for your family to understand your vision. Your financial legacy isn’t just about assets – it’s about purpose, meaning, and often, values.

One father featured in this WSJ article on the topic used his daughter’s request for investment advice as a chance to talk about his businesses, estate plans, and life philosophy. He introduced her to his accountant. He told her where the safe is. These moments built trust and laid the foundation for a smooth transition.

5 Steps to Help You Start the Estate Planning Conversation With Your Family

If you’re ready to start this conversation with your family (or revisit it) consider the following:

Summarize your will in plain English before a family meeting. Don’t surprise your heirs after you're gone. It should outline key roles and responsibilities and flow chart key terms.
Bring in your estate attorney or financial advisor to help explain complicated provisions or answer questions.
Follow up individually, especially with family members who are quiet in a group setting.
Put your values in writing. A letter to your children explaining your decisions can be more powerful than any legal document. One tool that others have found helpful is writing a Legacy Letter: https://www.legacyletter.com/.
Start now, revise later. While Buffett advises letting children read the will before signing, I’d add a caveat: don’t delay executing your will. If revisions are needed after the conversation, you can always update the document.

Your Legacy Is More Than a Balance Sheet

Buffett is choosing to leave the vast majority of his wealth to charity, empowering his children to oversee the process. But even among families with more modest estates, the same principle applies: legacy isn’t just what you leave behind, it’s what you live out now through communication, generosity, and clarity.

And sometimes, the greatest gift you can give your family isn’t a check. It’s peace of mind. If you’d like help drafting a values-based letter or reviewing your estate plan with your heirs, I’d be happy to walk you through the process.