Warren Buffett refused his daughter a $41,000 loan for kitchen remodeling, citing independence and hard work values. His children will inherit his wealth only after his passing, as he believes in giving them enough to do anything but not so much they do nothing. His fortune will go to a charitable trust managed by his children.

Despite 62% of Americans agreeing on the importance of having a will, only 32% have made one. Trust & Will offers a simple, affordable way to create, edit, and share wills online. Estate planning is crucial for appointing guardians for young children and outlining end-of-life preferences for medical care. Trusts provide even greater control than wills in distributing assets and can help avoid costly probate processes. Buffett’s trust mandates his children spend his wealth on charitable ventures within 10 years of his passing.

Read more at Yahoo Finance: What will happen to Warren Buffett’s billions? Why estate planning isn’t just for billionaires