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While Maggie isn't the most common Margaret diminutive for children right now (it's Maisie) it's still far from unusual - and both Maggie and Maisi are more common than Margaret. Maggie would probably sound more adult than child, but a Maggie of any age wouldn't be too out of place.

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William called Will is more common than just Will, but Will is not unusual. There are Williams of all ages, but Will would tend to be 40 and younger, while Bill would tend to be older. (But oddly Willie would be older than Billy.)