Wet blanket died -- brief epitaph follows (4)
I believe the answer is:
drip
'wet blanket' is the definition.
(I've seen this before)
'died brief epitaph follows' is the wordplay.
'died brief' becomes 'd' (abbreviation next to the year of someone's death; 'brief' asks for a short form).
'epitaph' becomes 'RIP' (rest in peace).
'follows' is a charade indicator (letters next to each other).
'd'+'rip'='DRIP'
(Other definitions for drip that I've seen before include "Fall in small drops as from wet clothes" , "Flow in small drops" , "Splash - softie" , "Leak slowly" , "Leak from tap" .)