Wills have always been popular with Gay couples as they have provided a medium to recognise the relationship on a financial level. And, in some ways Will Writing has been a forerunner when compared to other areas of finance which have often disappointingly trailed in its wake.
Wills allow you to determine exactly who your beneficiaries are without old fashioned taboos or legislation protecting or restricting the testator.
As well as successfully handling the disbursement of assets, a Will is personal and captures emotion unlike any other transaction and it is only right and fair that couples of the same sex should be able to benefit. For instance, a Will can determine your wishes for your funeral and life celebration.
Before the passing of the Civil Partnership Act in 2004 couples of the same sex were not recognised by law, and that included the law of intestacy: which treated the Gay spouse as a ‘friend’, and would by-pass them to give the deceases family precedent.
This would also include objects which had sentimental value to the Gay spouse. A Will was the only way this order could be challenged and therefore it was a popular solution. Rightfully, this is now no longer the case as the CPA 2004 treats same sex couples that marry in the same context as heterosexual marriages.
The good news does not stop there as the Inheritance Tax changes in 2006 saw the power of the CPA taking effect.just like heterosexual marriages now effectively benefit from double the standard IHT exemption level. This alone would have been music to the ears of Gays who have advocated for their legitimacy as stable normal healthy relationships down the years.
As part of our work as a Group we have also sourced insurances that are compatible with different lifestyles including life insurance, which regrettably can still be a challenge for some providers. To find out more visit: www.nicheadvice.co.uk .