Avicii
When the late Swedish DJ Avicii died last year, he didn’t have a will. Now it’s been revealed that his entire estate will be inherited by his parents.
Avicii, whose name was Tim Bergling, wasn’t married and had no children. Since he died intestate, what happens to his $25m estate is governed by Swedish probate law.
The musician had worked with the world’s biggest stars, including Madonna and Coldplay’s Chris Martin. He had twice been nominated for Grammy Awards. His biggest hit, Wake Me Up, topped dance charts around the world.
A charitable star
Avicii enjoyed a lucrative income worth tens of millions of dollars. But he was known for his philanthropy and gave a lot of money away. At one time, he was reportedly worth $85m.
Among other large donations to charity, he gave $1m, in addition to profits from a tour, to the Feeding America charity to alleviate food poverty. He said: “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.”
Family
According to Forbes, his parents won’t have to pay inheritance tax or estate tax – there is none to pay under Swedish law. But they might have to pay estate tax on his Los Angeles home, which sold for $12.5m.
Shortly after his death, Tim Bergling’s family released a statement alluding to his mental health issues. They said “he could not go on any longer”.
Tim Bergling did much in his life to help his favourite charities. Had he written a will, he would have been able to decide which of them would benefit in future, and whether to leave gifts to his sister, two brothers and friends.
In the event, it’s his parents who get to decide what happens to the wealth created by an extraordinary, much-missed artist.