Buffett Asks Beneficiaries to Spend His Gifts Quickly

In addition to giving away most of his fortune to charity, the billionaire investor Warren E. Buffett also wants it spent quickly, reports the Associated Press.

Mr. Buffett, who last summer pledged more than 12 million Class B shares of Berkshire Hathaway stock to five foundations, with the lion’s share going to the Bill & Melinda Gates Foundation, said today in his annual letter to his company’s stockholders that he will order any stock remaining at his death be used for ‘‘philanthropic purposes within 10 years after my estate is closed.’‘ He estimated his estate should be settled within three years of his death.

Said Mr. Buffett, ‘‘Today, there are terrific people in charge at the five foundations. So at my death, why should they not move with dispatch to judiciously spend the money that remains?’‘

Mr. Buffett topped the annual survey conducted by The Chronicle of Philanthropy and the online magazine Slate of America’s most-generous donors.

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