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Morfitt & Turnbull

Issue 14   

M&T's Christmas Wonga!
As we draw towards the time of year for buying gifts for our nearest and dearest, it's always nice to have the money to buy something extra special, so with that in mind, at M&T we combined the two below as our very own Annie becomes Christmas Wonga!!!

Of course, this was yet again the M&T Christmas party with a theme of facial adornments that provided much amusement as we dined at Jamie's Italian this year – roll on next year's theme!!!

Also note this is absolutely no way any sort of recommendation for that money-lending service of the same name! Please also be assured that Annie has no involvement with that company either!

Have a fabulous festive period everyone!

Father Christmas, Wonga style - M&T's Annie Wong!

Events of the Year for 2013
So as 2013 draws to a close it is time to reflect on the events of the year and in this respect I thought I would summarise a few of the key events that have occurred - it's amazing how quickly the time passes…
  Retail Distribution Review begins for the financial services industry
  NHS turns 65 years of age
  UK loses its AAA credit rating for the first time since 1978
  Margaret Thatcher dies aged 87 and Nelson Mandela dies aged 95
  Prince George is born
  Pope Benedict XVI resigns - the first pope to resign since Gregory XII in 1415
  Andy Murray wins Wimbledon - the first British man to win since Fred Perry in 1936
  Sir Alex Ferguson leaves Manchester United after a tenure of 27 years
  England win the Ashes…. and then England lose the Ashes

Adam's Technical...  Should I have a Will?
This is a question that many of us ask ourselves from time to time, usually when something happens to someone close to us, only to then be forgotten about.

To answer my own question, it is "yes", we should all have a Will. That is unless you are happy to die ‘intestate' (without a Will) and for the laws of intestacy to dictate how your estate is "divvied up". A point to note - the intestacy rules date back to 1925 in England and haven't been revised since so if you die without a valid Will in place it would be distributed as per the table below depending on your own circumstances:

Surviving Relatives Distribution of Estate on death
Spouse only (no children) Surviving spouse takes: • the whole estate absolutely
Spouse & children Surviving spouse takes: • £250,000 or the whole estate if less
• personal belongings
• a life interest in ½ of the remaining estate
Child/children take: • ½ of the remaining estate (in trust if less than 18 years or until married)
• other ½ on death of surviving parent
Spouse only (no children) but with parents, siblings & their children Surviving spouse takes:
• £450,000 or the whole estate if less
• personal belongings
• a life interest in ½ of the remaining estate
Parents (if alive) take:
• remaining ½ of the estate absolutely
If no parents - siblings & their children take:
• remaining ½ of the estate absolutely
Children but no spouse Child/children take: • the whole estate absolutely (in trust if less than 18 years or until married)
No spouse or children The whole estate passes to the following in order of priority: • grandchildren
• parents
• full siblings and/or their children (if deceased)
• half siblings and/or their children (if deceased)
• grandparents
• full uncles & aunts
• half uncles & aunts
• the Crown
Another key issue is that a Will gives you the opportunity to select someone you trust to administer your estate and follow your wishes.

If you don't have one, your relatives will have to ask for permission to administer your estate. A Will also enables you to appoint guardian(s) to look after any children under 18 years of age.

Some other issues that the absence of a Will raises are:

  • If you are co-habiting with someone that person does not have an automatic right to assets on your death.
  • Monies cannot be directed to specific individuals, charities or placed under trust for dependants.
  • For individuals who have remarried and have children from a previous marriage - those children may not benefit.
  • Assets being automatically passed to people other than the spouse may have their Inheritance Tax liability increased.
It is always best to review your circumstances and the consideration of a Will should always be factored into this, especially when something happens in your life that has material consequences.

In short, by putting a Will in place you are taking control of how your wealth is distributed on your death. Please contact your usual Adviser if you wish to discuss but note that a solicitor will be required to write the Will.

Gareth Says... 
Commercial Property comeback

This is Gareth's take on the latest investment markets and an area that was strong in the past but fell out of favour quite dramatically…
"I believe that commercial property funds are at the early stages of a movement upwards and feel it is a good time to consider allocating a proportion of investments or
pensions into property to diversify the portfolio, ensuring it continues to match the overall risk profile."  

Staff Matters - closing times
Following on from the festive greetings and best wishes to all of you, the M&T office will be closed, with the team indulging in the tradition of eating and drinking far too much, as follows:

Office closes:  Friday 20th December 2013, 12.30pm
Reopens:  Thursday 2nd January 2014, 8.30am

A very Merry Christmas from all of us at M&T.

See you in 2014! 



No. 1 Booths Park, Chelford Road, Knutsford, WA16 8GS
Tel: 01565 624 370   Email: 

Morfitt and Turnbull (Management Services) Limited 
Authorised and Regulated by the Financial Conduct Authority.
Registered Number 740613 England

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