In 1987, Jeffery Rolison filled out a handwritten form naming Margaret Sjostedt as the sole beneficiary of his retirement account. Nearly 40 years after their split, Margaret stands to inherit Jeffrey’s $1 million retirement account because Rolison never updated this form. When he passed away in 2015, she was still listed as the beneficiary.
According to court documents, Jeffrey met Margaret, who now goes by Peggy, at a park while playing Frisbee. They began dating in their early 20s and eventually moved to Sullivan County, Pennsylvania. Margaret worked as a server, while Jeffrey got a job at a Procter & Gamble (P&G) (NYSE:PG) factory. As The Wall Street Journal writes, in 1987, he joined P&G’s profit-sharing and savings plans and filled out a benefit card, naming Margaret his partner.
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Two years later, Peggy left. She married the following year and had two children. Jeffrey later began a new relationship with Mary Lou Murray, with whom he lived until they separated in 2014. Jeffrey died aged 59, without a spouse or children, and the court ruled that Murray was not entitled to his money or home of $66,000, a collection of used BMWs and two cats.
After Jeffrey’s death, his brothers discovered Margaret’s claim to his pension money. Shocked by this, they have filed suit in federal court against P&G, trying to prevent Margaret, now known as Margaret Losinger, from receiving the funds. His brother Brian, a mechanic, told the WSJ, “We were shocked.”
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In 2020, a court told P&G to give the money to Margaret Losinger. The money is being held while the brothers continue their legal challenge. Their lawyer, David Gould, has asked the court to reconsider the case and has filed an appeal. The brothers are not giving up, but changing the court’s decision will be difficult.
This situation shows how important it is to update beneficiary forms. These forms, which show who gets money from things like retirement accounts and life insurance, can be more powerful than a will, even if they were filled out long ago. Federal law typically states that employers must provide these funds to the nominee or surviving spouse, unless the spouse waives the requirement.
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This article They broke up in 1989, but now his ex-girlfriend is inheriting his $1 million retirement account after nearly 40 years appeared first on Benzinga.com
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