Warren Buffett, the 94-year-old CEO of Berkshire Hathaway, provided new insights into his plans for his vast fortune after his death, in his most detailed letter yet to shareholders. In a letter released on Monday, Buffett reaffirmed his long-standing commitment to giving away the majority of his wealth while reflecting on the inevitable nature of mortality.

Buffett, widely recognized for his wisdom on investing and philanthropy, acknowledged the unpredictable timing of life. He reflected on the past, recalling how he once hoped his late first wife, Susan Buffett, would outlive him and decide how to distribute their wealth. “Father time always wins,” Buffett wrote. “But he can be fickle – indeed unfair and even cruel – sometimes ending life at birth or soon thereafter, while at other times, waiting a century or so before paying a visit. To date, I’ve been very lucky, but, before long, he will get around to me.”

Buffett’s letter, which spans nearly 1,300 words, focused on the future management of his estate. He expressed his hope that his three children—Susie, Howard, and Peter Buffett—would outlive him long enough to decide on the philanthropic causes that should benefit from his fortune. When Buffett passes, his children will be tasked with making decisions regarding the distribution of his wealth, but they will need to reach a unanimous agreement on how the assets will be donated.

In the event that his children are unable to make those decisions, Buffett has designated three potential successor trustees, though their names were not disclosed in the letter.

Buffett also highlighted that, in line with his earlier commitments, he is turning 1,600 of his Class A shares into 2.4 million Class B shares. These shares, which have fewer voting rights, will be donated to various philanthropic causes. Of these, 1.5 million shares will go to the Susan Thompson Buffett Foundation—named after his late first wife—while 300,000 shares will be distributed among three foundations led by his children. These donations, totaling approximately $1.2 billion, are part of Buffett’s ongoing pledge to give away the majority of his wealth, estimated at $150 billion, before and after his passing.

Buffett has been progressively fulfilling his 2006 pledge to give away his wealth, contributing not only to family foundations but also to the Bill & Melinda Gates Foundation. Since making that commitment, Buffett has consistently reaffirmed his intention to ensure that his legacy is rooted in philanthropy, with the vast majority of his fortune dedicated to charitable causes rather than being passed down to his heirs.

In addition to his personal plans, Buffett offered practical estate planning advice, particularly for parents with significant wealth. He suggested that parents ensure their children are fully informed and involved in the estate-planning process. “When your children are mature, have them read your will before you sign it,” Buffett advised. “Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death.”

As Buffett prepares for the future, his commitment to philanthropy continues to inspire many. The legendary investor’s transparent approach to his estate and wealth distribution reflects his dedication to creating lasting positive impact beyond his lifetime.