Margaret Losinger, formerly known as Margaret Sjostedt, could inherit her ex-boyfriend Jeffrey Rolison’s $1 million retirement fund due to Rolison’s failure to update his beneficiary information before his untimely demise in 2015.
It appears Rolison named Sjostedt as his retirement account beneficiary in 1987. Despite their break-up, Rolison didn’t change the beneficiary information, making Losinger the rightful recipient of his savings upon his death.
Rolison’s family has disputed the inheritance, suggesting he intended to leave his funds to them but never updated his documents. The case exemplifies the importance of updating beneficiary forms regularly.
Records show in the late ’80s, Sjostedt was a server, and Rolison was working for Procter & Gamble. Rolison enlisted into the company’s profit-sharing and savings plan, with arrangements for Sjostedt to gain benefits in case of any unfortunate events.
Their relationship ended after two years, and they moved on, marrying and starting families. Rolison spent his later years with Mary Lou Murray, whom the court ruled, had no claim to Rolison’s fortune.
Overlooked beneficiary details: a million-dollar mistake
This left her financially insecure after his passing.
After Rolison’s death, his brothers discovered that Sjostedt was still listed as the beneficiary to his retirement funds. They attempted to block her claim, leading to a court ruling directing Procter & Gamble to release the funds to Sjostedt. This resulted in further legal disputes and sadness among the family.
Sjostedt denies allegations from Rolison’s brothers that she manipulated Rolison into naming her as his beneficiary. While Rolison’s brothers continue their legal challenge, this case has highlighted the importance of regular updates to beneficiary forms.
Incorrect or old information on these forms might cause the assets to fall into unintended hands, leading to potential legal battles and stress. Beneficiary forms can override a will and are usually obligated by law to distribute assets according to the most recent information. Thus, regular revision and update of these forms are essential.
