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Mickey Rooney's estate administration plan teaches a lesson

When most people think of someone who is a famous actor, they think of someone who has money. That, however, isn't always the case. The recent death of Mickey Rooney shows that not all actors have accumulated extreme wealth prior to death.

Rooney has enjoyed a successful career in Hollywood, but his estate is valued at only $18,000. Despite the seemingly small size of his estate, he thought ahead and created a will only weeks prior to his death. In his estate administration plan, he left his lawyer as executor to deal with his final affairs. He left his estate to his wife and one of his stepsons.

The reason Rooney's estate was modest was because he was the victim of financial mismanagement and elder abuse at the hands of another one of his stepsons.

Interestingly enough, that actor's will disinherited his eight children. It also disinherited his wife, who will only get his Social Security benefits and some of his pension income based on an agreement they had. Rooney's attorney said that his children are better off financially than their father was.

The 93-year-old actor signed his will on March 11. He died on April 6. He had recently passed a physical so he could start filming another movie. He is said to have died of natural causes after having trouble breathing following a nap.

The case of Mickey Rooney's will can serve as a lesson for Michigan residents. No matter the size of the estate, you should still have a will. No matter how healthy you are, you should still have a will. You never know what the future will hold, so if you plan properly now, your heirs might be able to deal with your estate quickly and efficiently when you are gone.

Source: JacksonSun.com, "After 80-year career, Mickey Rooney estate: $18K" No author given, Apr. 08, 2014

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