Margaret Losinger, formerly Margaret Sjostedt, may inherit her ex-boyfriend Jeffrey Rolison’s $1 million retirement fund as Rolison failed to update his beneficiary information before his death in 2015.
According to records, Rolison designated Sjostedt as his retirement account beneficiary back in 1987. Despite their breakup, Rolison never changed this information, making Losinger the rightful recipient of his savings upon his passing.
Rolison’s family is disputing the inheritance, claiming he intended to leave his funds to them but failed to update his documents. This case underscores the importance of regularly updating beneficiary forms.
During the late ’80s, Sjostedt worked as a server while Rolison was employed at Procter & Gamble. Rolison had enrolled in the company’s profit-sharing and savings plan, with provisions for Sjostedt to receive benefits in the event of unforeseen circumstances.
After their relationship ended, they both moved on, got married, and started families. Rolison spent his later years with Mary Lou Murray, who was deemed to have no claim to his fortune by the court.
Unattended beneficiary details: a costly oversight
This left her financially vulnerable following his passing.
Following Rolison’s death, his brothers discovered that Sjostedt was still listed as the beneficiary of his retirement funds. They tried to contest her claim, resulting in a court decision instructing Procter & Gamble to release the funds to Sjostedt. This led to further legal disputes and sorrow within the family.
Sjostedt refutes allegations made by Rolison’s brothers that she influenced Rolison to name her as his beneficiary. While Rolison’s brothers continue their legal battle, this case emphasizes the importance of regularly updating beneficiary forms.
Mistakes or outdated information on these forms can result in assets ending up in unintended hands, leading to potential legal conflicts and stress. Beneficiary forms can supersede a will and are typically legally required to distribute assets based on the most recent information. Hence, regular review and update of these forms are crucial.
