Not really, no. Generally, for retirement, faculty try to "draw down" their labs, and there's very often a "I'm going to see X student through to their defense

Not really, no. Generally, for retirement, faculty try to "draw down" their labs, and there's very often a "I'm going to see X student through to their defense, and then I'm done" as the end of an academic career. For unexpected deaths, generally there's a scramble to help cushion the students, get them in with new advisors, etc. But often, their former advisor's grants, data sets, etc. are still available. Unless one is really early in the process, the goal is to help the student finish their current work in a timely fashion.