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Warren Buffett has decided that most of his fortune will end up in the hands of his three children instead of the Bill and Melinda Gates Foundation.
The billionaire Berkshire Hathaway chairman tells the Wall Street Journal that after his death, his fortune will go to a new charitable trust overseen by his children.
"It should be used to help the people that haven't been as lucky as we have been," he says.
Buffett, who has pledged to give away 99% of his fortune, says he made the decision "after seeing how his children matured over the years."
His daughter, Susie Buffett, says they haven't yet discussed what they'll do, "because it seems a little premature."
Buffett's son, Peter Buffett, tells the Journal that their decisions on what to do with the money "could be affected by everything from stock prices to tax laws to social and political developments."
The Giving Pledge, co-founded by Buffett and Bill Gates, "set a new standard of generosity among the ultra-wealthy," he says.
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