Sullivan County, Pennsylvania – After nearly 40 years since their breakup, Margaret Sjostedt is set to inherit her ex-boyfriend’s $1 million retirement account due to an overlooked beneficiary form. In 1987, Jeffery Rolison designated Margaret as the sole beneficiary of his work retirement account, a decision that remained unchanged until his passing in 2015.
The couple, who met while playing Frisbee in a park, dated in their early 20s and resided in Sullivan County. Margaret worked as a server while Jeffery found employment at a Procter & Gamble (P&G) plant, where he enrolled in profit-sharing and savings plans, naming Margaret as his cohabitor on the beneficiary card. Two years after their breakup, Margaret moved out, married, and had children, while Jeffery entered a new relationship with Mary Lou Murray.
Upon Jeffery’s death at 59 with no spouse or children, his retirement account became a subject of legal dispute. Despite objections from Jeffery’s brothers, Margaret, now known as Margaret Losinger, was awarded the funds in 2020. The brothers have since filed an appeal to contest the decision, highlighting the importance of keeping beneficiary forms up to date to avoid inheritance complications.
This case underscores the significance of updating beneficiary forms for retirement accounts and life insurance, as they can hold more weight than a will. Federal law typically dictates that employers must distribute funds to the last named individual or surviving spouse unless the spouse relinquishes the claim. The ongoing legal battle between Jeffery’s brothers and Margaret serves as a cautionary tale for individuals to ensure their beneficiaries are accurately recorded to prevent unforeseen circumstances in the future.