If you are an ex-member of the armed forces you may remember completing a MOD Form 106, but after you leave the service do these still reflect your wishes.
In this article ex-army Captain, and Wills & Tax expert, Holly Munroe covers what a MOD Form 106 is and whether you should review yours.
What is MOD Form 106?
MOD Form 106 is a simple service Will that is designed to ensure that there is a document in place if the worst were to happen.
Sometimes these are completed quickly and in demanding circumstances. I remember completing mine a few weeks prior to deployment at a young age and I did not think of it again until I left the Army and joined the legal profession.
These standard forms are recognised by relevant authorities but only cover the most basic of circumstance. The MOD Form 106 is not intended to be a long-term solution for estate planning and the form should be seen as a stop gap solution until you put together a more complete and thorough document.
Why should you review your Will?
You should review your will, because many service personnel who completed an MOD Form 106 did so many years ago and could have completely different life circumstances now. Many will now own property, have children, be married, divorced or in a long-term relationship. All of these changes, and more, can create a need to review your Will.
If you would like to review your Will you can get in touch with one of our Wills & Tax experts on 01202 499255 or by filling out the form.
You can read our dedicated article on updating your Will here.
What are some common problems with the MOD Form 106?
Problems can occur with MOD Form 106 as they do not always fully account for modern life choices including:
- Blended families
- Estranged children/ other family members
- Long term partners who are not married
- Ownership of businesses
- Executors and beneficiaries living outside of the UK
- Complex estates
It also may not be suitable to leave all assets outright to someone due to tax planning reasons. More estates are now exposed to inheritance tax and a basic Will may not make full use of the allowances or planning opportunities available.
It may not consider other common benefits held by Armed Forces Personnel, including pension benefits, death-in-service benefits, and other financial provisions. These may sit outside of your Will but they need to be incorporated into the whole estate plan.
Why Updating your Will is Important?
A professionally written Will allows the opportunity to reflect your wishes based on your current circumstances, whether or not you are still serving, while considering changes that may come in the future.
It can also make sure your family is properly supplied for and reduce the misunderstandings that can happen after a person has passed away. It can create a much simpler scenario for those left behind.
Specialist Wills & Tax Experts in Christchurch, Ringwood & Wimborne
If after reading this article you have any questions or think you need to review your MOD Form 106, you can contact one of our specialist Wills & Tax lawyers, who will be happy to guide you through the process in plain English and without legal jargon.
Get in touch with a member of our team on 01202 499255 or by filling out the form.
We offer all new clients a free initial chat.
Comments