Buffett refines plans for his fortune, donates more Berkshire shares
Buffett donating nearly all his wealth to charitable trust
Three successor trustees named if children cannot serve
Buffett donates another $1.14 billion Berkshire stock
Recasts first paragraph; adds Buffett comments from shareholder letter, past and future Buffett donations, descriptions of family charities throughout, byline
By Jonathan Stempel
Nov 25 (Reuters) -Warren Buffett, the legendary investor and chairman of Berkshire Hathaway BRKa.N, has made further preparations for giving away his fortune after his death.
Buffett, 94, plans to donate 99.5% of his remaining wealth, valued on Friday at $149.7 billion according to Forbes magazine, to a charitable trust overseen by his daughter and two sons when he dies.
In a letter to Berkshire shareholders on Monday, Buffett said three potential successor trustees have been designated if his daughter Susie, 71, and sons Howard, 69, and Peter, 66, cannot serve.
He said each is somewhat younger than his children, well known to them and "makes sense" to all of them.
"I've never wished to create a dynasty or pursue any plan that extended beyond the children," Buffett wrote. "But these successors are on the wait list. I hope Susie, Howie and Peter themselves disburse all of my assets."
Buffett also said he is donating another $1.14 billion of Berkshire stock to four family foundations.
That boosts his giving to more than $58 billion since 2006, when Buffett pledged most of his fortune to the foundations and to the Bill & Melinda Gates Foundation, which has received more than $43 billion. He has donated 56.6% of his Berkshire shares.
Buffett has led Omaha, Nebraska-based Berkshire since 1965.
He still owns 14.4% of its stock, and plans to continue donating shares to the five foundations during his lifetime.
After his death, his children will have about 10 years to give away his remaining wealth, and must decide unanimously which philanthropic purposes it should serve.
Berkshire did not immediately respond to a request for additional comment.
Susie Buffett leads the Susan Thompson Buffett Foundation, which funds reproductive health and is named for Buffett's first wife, and the Sherwood Foundation, which supports Nebraska nonprofits and early childhood education.
Howard Buffett heads the Howard G. Buffett Foundation, which works to address global hunger, combat human trafficking and mitigate conflicts.
Peter Buffett leads the NoVo Foundation, which has initiatives focused on marginalized girls and women, as well as indigenous communities.
Berkshire is a $1 trillion conglomerate, owning businesses such as the BNSF railroad and Geico car insurance, and stocks such as Apple AAPL.O and American Express AXP.N.
In his letter, Buffett acknowledged his advancing age but signaled no intention to step aside.
"Father time always wins," he said. "To date, I've been very lucky, but, before long, he will get around to me."
Reporting by Jonathan Stempel in New York; editing by Jason Neely and Jonathan Oatis
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