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QuestionerI'd like to get your thoughts on a widespread problem in the world of estate planning, and that's the failure of most parents to prepare the next generation for the inheritance coming their way.
WarrenJust because of my age, and to some extent because of things like the giving pledges, I probably observed as many particularly wealthy families, the problems, and they all get very particular to the family. And in my family, I do not sign a will until my three children have read it, understand it, and made suggestions. Now, my children are in their 60s, and that would not have been a great success. If I'd done the same thing at their 20s, it depends on the family, it depends on how the kids feel about each other. There's all kinds of things. It depends on the kind of business you have. So there's a thousand variables. But I do think that it's, if the children are grown, and when the will is read to them, it's the first they've heard about what the deceased thought about things. The parents have made a terrible mistake. And people, people, well, I've run into all kinds of situations. And some people don't tell their children anything, and some of them, and try and get them to bend to their will by using their own personal will. They make a million mistakes, and that's one you don't get to correct. Certainly in my, well, Charlie's had a lot of experience too with the law. Well, at Berkshire, we have a simple problem of estate planning. Just hold the goddamn stock.
CharlieWell, but that doesn't fit everybody, Charlie. I mean, you know.
WarrenNo, it only fits 95. I don't know.