Legendary investor Warren Buffett has announced new charitable donations and updates to how his fortune will be spent after he is gone, news that comes months after he turned 94 years old.

What Happened: Buffett announced Monday that he is converting 1,600 Berkshire Hathaway Class A (NYSE:BRK) shares into 2,400,000 Berkshire Hathaway Class B (NYSE:BRK) shares to make new donations as part of his continued philanthropic efforts.

Buffett is donating 1,500,000 Class B 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.

After the latest donation, Buffett will own 206,363 Class A shares, down 56.6% since his 2006 Giving Pledge.

Buffett recalled his belief and his late wife Susie's belief to support their children and philanthropic efforts in a new shareholder letter.

"These bequests reflected our belief that hugely wealth parents should leave their children enough so they can do anything but not enough that they can do nothing," Buffett said. "Susie and I had long encouraged our children in small philanthropic activities and had been pleased with their enthusiasm, diligence and results."

Buffett said he is lucky to have lived as long as he has, while also recognizing his current age and the age of his children who are 71, 69 and 66.

"Father time always wins. 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."

Buffett said he never wished to create a family dynasty and trusts his children to pursue his wishes to continue philanthropic donations, along with successor trustees younger than his children.

"As such, three potential successor trustees have been designated. Each is well known to my children and makes sense to all of us."

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Why It's Important: Buffett said friends question his strategies for donating his wealth and the instructions left for his children.

"I have one further suggestion for all parents, whether they are of modest or staggering wealth. When your children are mature, have them read your will before they sign it," Buffett said.

Buffett said it's important that children understand the logic of decisions and any responsibilities that they will take on after your death.

"You don't want your children asking "Why?" in respect to testamentary decisions when you are no longer able to respond."

Buffett recalls his life's success and early confidence that he could become rich.

"By not stepping on any banana peels, I now remain in circulation at 94 with huge sums in savings — call these units of deferred consumption — that can be passed along to others who were given a very short straw at birth."

The legendary investor said he lived his life the way he wanted by taking good care of his family and passing on wealth to others.

"With this philosophy, I have lived the way I wanted to live since my late 20s, and I have now watched my children grow into good and productive citizens."

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