Whether you want to leave money to charity, your parents, or anyone else, don't wait until "someday" to make out a will. People with greater wealth - even a small fraction of what Avicii earned - should work with an experienced estate planning attorney and create a revocable living trust, or use other more sophisticated planning measures. Anyone with assets should take the time to plan for what happens if they should die.Įstate planning often starts with a basic will, and for most twenty-somethings, that should be enough. It doesn't matter that Avicii was only 28 years old. Any such taxes could have been minimized by good estate planning, especially considering Avicii's charitable nature.Īnd therein lies the lesson. assets - including the Hollywood Hills home - may be subject to estate taxes. But because he lived in California, his U.S. What about taxes? Because Sweden does not have an estate or inheritance tax, Avicii's parents will not have to pay a large tax bill, unlike if Avicii had been a United States citizen. The intestate laws of Sweden do not include siblings (because his parents are alive) or charities, even though Avicii may have wanted to include them. He also had two brothers and a sister that he may have wanted to provide for.īy not making out even a simple will before he died, his wishes for what happens with his fortune no longer matter, legally. But given his charitable track record, it's likely he would have preferred at least some of his fortune to combat hunger or advance other worthy causes.
Is this what Avicii would have wanted? Perhaps. Avicii was not married and had no children.
Instead, under the probate laws of Sweden, his parents inherit all of his wealth. Despite his young age of 28, Avicii could have followed suit of many other celebrity estate plans and used an estate plan to benefit charitable causes, like Mark Zuckerberg, Hugh Hefner, Philip Seymour Hoffman, and Leona Helmsley. Given his wealth and how charitably-inclined Avicii was, it is surprising that he died without a will. And these were just some of the publicly-reported gifts. He added another $1 million afterwards, along with an additional one million euros to a Swedish "hunger aid" charity a year later. In 2012, he embarked on a tour called "House for Hunger" and donated all of his income from the tour to the charity, Feeding America, to combat hunger. These weren't just words to the famous DJ. He said during an interview in 2013, "I discovered when I started making money that I didn't really need it." Instead, he turned towards charitable goals, saying, "When you have such an excess of money you don't need, the most sensible, most human and completely obvious thing is to give to people in need."
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