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Mickey Rooney's modest estate left to stepson

When some Florida residents read about a celebrity's estate, they may assume that the celebrity planned an estate to protect their enormous wealth and assets. Though this may often be the case with celebrities, it is not always so. Estate planning can be a valuable tool for anyone -- not just the very wealthy. Even those with modest assets can benefit from making known their post-life wishes involving asset division and health care directives.

Some Florida residents may have been saddened to learn of the recent death of a great Hollywood actor. Mickey Rooney, at the age of 93, passed away after having difficulty breathing during an afternoon nap. Though at an advanced age, Rooney had planned to continue his Hollywood career for some time and was even scheduled to begin filming a new movie. Sadly, Rooney passed away before this could happen. But thankfully, he drafted a will so that his loved ones would be provided for after his passing.

Somewhat surprisingly, Mickey Rooney's estate was only valued at $18,000. For a long-time Hollywood actor, this is somewhat unexpected. The sole beneficiaries of Rooney's modest estate were his stepson and his stepson's wife. Rooney also designated his attorney as the executor of the estate, claiming that he did not want any relatives to handle his affairs. Elder abuse and financial mismanagement were cited as reasons for the modesty of Rooney's estate.

However modest his estate, Mickey Rooney's loved ones were lucky that he left a will. Without a will, there can be a lot of guess work and loved ones are often left quarrelling over assets. With a will, however, a person can make known in clear terms what their wishes are regarding these matters.

Source: NBC Connecticut, "Mickey Rooney Leaves $18,000 Estate to Stepson," Anthony McCartney, April 10, 2014

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