"I have one ... suggestion for all parents, whether they are of modest or staggering wealth," Buffett, the CEO of Berkshire Hathaway, wrote in a letter to his company's shareholders on Monday.
Aim to ensure your children understand "both the logic for your decisions and the responsibilities they will encounter upon your death," Buffett wrote.
Many people don't know the details of their parents' estate plans, or even if they exist.
"As soon as the parents are gone, those emotions come out of the closet like a torrent, and no, [the heirs] don't always get along," said Shenkman.
Buffett and longtime friend and business partner Charlie Munger, who died last year, observed the same phenomenon, Buffett wrote: "Charlie and I saw many families driven apart after the posthumous dictates of the will left beneficiaries confused and sometimes angry."
Persons:
Warren Buffett, —, Buffett, Berkshire Hathaway, Martin Shenkman, Charlie Munger, Charlie
Organizations:
Berkshire, CNBC
Locations:
New Jersey