Rooney’s Will Updated Shortly Before His Death

If you haven’t done any estate planning, it is never too late — that is, as long as you are still living. Once you are gone, there is no more time to make sure your wishes are carried out. Mickey Rooney didn’t plan on dying, but fortunately, he updated his will and signed off on it just a few weeks before his death this past week.

Mickey Rooney was 93 years old and still playing in movie roles. His latest role was in an upcoming “Night at the Museum” show. But, when he laid down to take an afternoon nap, he experienced breathing problems, which ended his life. His death was ruled as being due to natural causes and complications from diabetes.

Although, Rooney didn’t have much left at the end of his long career, it was fortunate that he completed the signing of his will on March 11, just weeks before his death. He left his entire estate to a stepson and his stepson’s wife, who had been acting as his caretaker. His estate was only worth $18,000.

Rooney became famous in show business starting back in the 1930s and 1940s, and spent over 80 years building a fortune. However, one of his other stepsons reportedly mismanaged his finances, and he was a victim of elder abuse. That abuse diluted his millions to the modest amount he has now willed to the other stepson. There is an outstanding judgment for repayment of his millions, but it will be up to the estate to collect on it, which is unlikely.

Rooney also did not leave anything to his eight surviving children or his wife, with whom he was estranged from. His wife will be able to collect some of his retirement earnings per a previous agreement, as well as Social Security benefits. Apparently, Rooney felt that would be adequate for her, and the other children supposedly are doing okay financially.

If Rooney had not signed his will or had no will, his estate would no doubt be in probate. If it was divided between the other eight children and his estranged wife, the amount would be very little. In addition, despite the small amount of inheritance, probate can often take a long time. It is fortunate that the actor had the foresight to take care of securing his wishes before it was too late.

Source: Fox 49, “Mickey Rooney’s will details final wishes” Anthony McCartney, Apr. 08, 2014