JMHO, but no parent should have the final say on a name. That's wack.
Expectations matter in a situation like this. You need to talk to other family members about this. You don't want your child marginalized because his name stirs up unhappy memories.
If his parents are still actively grieving, they may have trouble with the name being used; like retiring a jersey, they may want Ricky to only mean one kid. Or they may insist on it when it's not their call to make. FWIW, my sister died 20 years ago next month and my father has not recovered at all- he's a changed man.
The other consideration is that Ricky isn't much of a name for a responsible adult. Was he a Richard?
The other piece is the mojo associated with the name. Names are generally chosen to honor a person. Was your late BIL worthy of being honored? Was he driving home from the bar drunk when he died or was he on his way to volunteer with at-risk youth in the community?