"I just signed the settlement papers," Mike Augustine, Trustee of Rooney's estate, told PEOPLE Thursday evening.
Augustine and Rooney's wife Jan came to an agreement over where the late actor would be buried, and will be collaborating on a small memorial for family to be held in the next few days. They hope to generate support from around the entertainment industry for a larger memorial in the coming weeks.
For the past couple of days, the two sides had been in a disagreement over Rooney's burial with Jan wanting it to take place in Westlake, where the couple lived together until 2012, and own adjacent lots.
Augustine, following several conversations with Rooney, says he was merely fulfilling his friend's wish to be laid to rest in Hollywood.
A full statement will be released shortly.