Buffett believes family wealth dynasties could have negative consequences such as eroding personal growth and complicating relationships.
Meanwhile, they also create societal uncertainties as it's unforeseeable how future generations choose to distribute such wealth.
"I've never wished to create a dynasty or pursue any plan that extended beyond the children," Buffett wrote in a lengthy letter Monday.
Who can foresee the priorities, intelligence and fidelity of successive generations to deal with the distribution of extraordinary wealth amid what may be a far different philanthropic landscape?".
He has appointed three trustees of his charitable trust to potentially succeed his children in disbursing his wealth.
Buffett has been making annual donations to the four family foundations since 2006.
On Monday, Buffett converted 1,600 A shares into 2,400,000 B shares to donate to the four family foundations: 1,500,000 shares to The Susan Thompson Buffett Foundation and 300,000 shares to each of The Sherwood Foundation, The Howard G. Buffett Foundation and NoVo Foundation. »
