Why Buffet recommends showing your will to your children first

On Behalf of | Jan 20, 2025 | Estate Planning

Warren Buffet’s financial acumen has served him well and many people listen carefully when he speaks, as he does in the annual letter he sends to shareholders. You may be interested to learn about a recent piece of advice that he gave to all parents in his 2024 letter: “When your children are mature, have them read your will before you sign it.”

Here is why he said this, as per the further information he gave out at the time:

Allowing them to read it before you sign it, rather than just doing so afterward allows you to consider their opinions and make any necessary adjustments. Perhaps the child you choose as medical power of attorney says they would rather not take on that role as they hate hospitals. Maybe the child you plan to leave your wedding ring to admits they secretly hate it and would rather you give it to a sibling who adores it.

You can only answer their questions while you are still alive

Your children will likely have some questions about the decisions you make in your plan. If they don’t get the opportunity to seek clarification on those decisions, they may forever be left wondering. Or they could form their own conclusions which may be completely wrong.

If you allow your child to read the draft will, and encourage them to ask questions, you have time to address their concerns and set them at ease. It’s not just about who gets what either. Some children could get upset because you give a particular responsibility to someone other than them – such as making an outsider your medical power of attorney.

Uncertainty or confusion over your decisions makes challenges or fallings out more likely – which is not what you would want to see as a parent. Allowing them to read the will now can help you go to your grave in peace when your time comes. Having experienced legal guidance to write it can help with this too.