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Why estate planning matters for adults of all ages

Nevada ressidents may be able to learn a lesson about the importance of estate planning for adults of all ages from the Swedish musician Avicii. Avicii died in 2018 at the age of 28 without leaving any kind of estate plan behind. According to Swedish law, his parents will inherit his entire estate although this may not be what he would have wanted.

This is suggested by his extensive donations to charity while he was alive. In 2012, he donated all of his proceeds from a tour to combat hunger plus $1 million of his own money. He also donated €1 million to a Swedish charity that combats hunger. He stated in interviews that he wanted to use his wealth to help people in need.

His estimated worth was around $50 million. There are no estate taxes in Sweden, so his parents will not have to pay that. However, he lived in California, and his home sold for more than $17 million. That and other assets may be subject to estate tax. With diligent estate planning, these taxes might have been minimized or eliminated. Furthermore, he had siblings that he might also have wanted to provide for.

Even young people who do not have millions in assets may need a basic estate plan. A last will and testament may be sufficient for directing where assets will go. A will can also be used to appoint a guardian for minor children. Other documents may be useful as well. For example, the person might want to create powers of attorney that appoint people to take care of financial issues and medical decisions if the person becomes incapacitated. The person might also want to leave instructions for end-of-life care.

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