It’s never too early to make a Will, but it can be too late.
The $25 million fortune belonging to EDM producer, Avicii, will pass on to his parents, documents from the Swedish Tax Agency (STA) confirm. The hugely successful DJ passed away in April of last year while in Oman.
Documents from the STA have emerged regarding Avicii, real name Tim Bergling, stating that the entirety of his fortune will pass onto his parents through the Swedish intestacy laws. With no children or spouse, the laws state that his parents will inherit his assets.
Luckily for Bergling, Sweden does not have any sort of Estate or Inheritance Tax, meaning his assets pass on in whole after paying any outstanding debts. However, he did own property in the U.S, sold recently for $17.5 million, that is subject to estate taxes as well as any other U.S assets that he possessed. If Bergling were English, he would have had to pay £10 million in Inheritance Tax. Due to his charitable nature, as shown through his donation of a full tour’s income to Feeding America, it is a shock that he did not have any planning in place to outline any gifts to charity if he did pass away. He was once quoted in saying “When you have such an excess of money that you don’t need, the most sensible, most human and completely obvious thing to do is to give to people in need.”
Even at his age, Bergling’s lack of planning was surprising. With a large number of assets including several properties, coupled with his generosity, many would have expected the most basic Will to at least be in place. Without the most basic planning, his final wishes are now unknown, and taxes will take large sums from his estate in the U.S.
Our managing director, Paul Dodsworth, commented “Anyone with assets should take the time to plan for what happens when they pass away with an experienced estate planner. This situation highlights the importance of making a Will as early as possible. Even if it is only a basic Will to appoint guardians of your choice to look after your children. Wills and Trusts can be used for so much more; they can help avoid Inheritance Tax, Probate and potentially protect your wealth from Care Fees.”
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