Wills seminar for Rainbow and adopted families
Written by Philip Howell-Williams on February 21, 2017.
Financial planning can be daunting at the best of times but for rainbow and adoptive families within the LGBT community it is even more challenging. With same-sex legislation around the world changing, we are seeing the profile of the modern family changing. It is wonderful that many LGBT couples are now able to become parents but while in some countries their rights are the same as any families, this is not the case in Hong Kong.
LGBT partnerships are not recognised under Hong Kong law. That has wide-ranging implications such as the fact that two same-sex partners cannot both be recorded on a birth certificate or that a same-sex partner may be excluded from a pension or pay higher taxes if their partner dies. Rainbow families moving to Hong Kong will find that they no longer have the rights that they enjoyed back in their home country.
One area which needs to be considered carefully by these families is that of estate planning and wills.
Did you know for example that in Hong Kong when a person dies and leaves their pension or life savings to a same-sex spouse this can be overturned?
Did you know that you might not be able to make medical life decisions for your partner if they were unable to answer for themselves?
Did you know that your children could be taken into care rather than be left with your partner if anything were to happen to you?
Or that same-sex partners have been denied the right to claim a deceased partner’s ashes?
It can be difficult for these families to know where to turn to advice but help is at hand. On Thursday 2nd March at 7pm at the Culture Club in Central, Pink Season will be holding a wills seminar at specifically targeted at rainbow and adopted families. This will cover areas such as:
• How to build and protect your assets throughout your lifetime
• How to make sure that your partner can make medical and financial decisions on your life.
• Safeguarding your loved ones when you die
• Ensuring that your assets go to the beneficiaries that you want them to when you die
• Making sure your children are looked after by those you choose if anything were to happen to you
If you’d like to ensure that the money you work hard for is protected for those you love when you are gone, come along and find out how. I hope to see you there.