Omaha, Nebraska – Renowned investor Warren Buffett has made significant changes to his estate plans, revealing that his fortune will no longer be directed towards the Bill & Melinda Gates Foundation after his passing. Instead, the 93-year-old chairman of Berkshire Hathaway is opting to allocate his wealth to a new charitable trust managed by his three children.

In a recent interview with the Wall Street Journal, Buffett explained that he has revised his will multiple times, with the latest adjustments reflecting his confidence in his children’s values and their ability to effectively distribute his wealth for philanthropic purposes. Each of his children already oversees a philanthropic organization.

Previously, Buffett had earmarked over 99% of his estate for the Gates Foundation and four other family-related charities. However, his latest decision signifies a shift in his philanthropic strategy, entrusting his children with the responsibility of carrying out his charitable endeavors after his demise.

Despite these changes, Buffett is still actively engaged in donating to the Gates Foundation during his lifetime. Recently, Berkshire Hathaway announced that Buffett would convert a substantial number of Class A shares into Class B shares, with a significant portion allocated to the Gates Foundation Trust and the rest distributed among the family charities.

Mark Suzman, the chief executive of the Gates Foundation, expressed gratitude for Buffett’s ongoing generosity, citing his contributions of approximately $43 billion over the years. These substantial donations have played a crucial role in supporting the foundation’s work and initiatives.

In addition to his contributions to the Gates Foundation, Buffett also continues to support his family’s charities, with millions donated annually. As of now, Buffett holds a significant number of Berkshire Hathaway shares, with a total value exceeding $128 billion.

Buffett’s decision to redirect his charitable contributions underscores the evolving nature of his philanthropic priorities and reflects his enduring commitment to making a positive impact through strategic giving.