On Friday February 28 – the eve of Sydney’s gay and lesbian Mardi Gras celebrations – Centric Wealth released a statement confirming that even without gay marriage legally recognised in Australia, there are many areas in which those in same-sex relationships are given the same rights as traditional couples.
However, as legislation varies between the states and territories, it is imperative that same-sex couples seek estate planning and financial advice to ensure their partner is taken care of in the future, it said.
“The three soundest pieces of advice I would give same-sex couples who are in serious, long-term relationships are to ensure their relationship is de facto or registered; for both partners to make a will with the assistance of a professional adviser; and to create a binding financial agreement,” Centric Wealth technical specialist Natasha Panagis said.
“The importance of estate planning and financial advice cannot be underestimated,” Ms Panagis said, adding that financial planning and estate planning is just as important for same-sex couples as it is for other unions.
While younger people may not wish to contemplate their own mortality and make a will, it is “simply good financial housekeeping”, she said.
“It is highly recommended that a will be drawn up with the assistance of a lawyer given the importance of the document.
“These professionals will provide advice and most importantly help ensure a person’s estate planning wishes occur.”
Ms Panagis said superannuation death benefits can also be paid to a same-sex partner if they are in a de facto or a registered relationship.
In the past, the partner needed to establish financial dependency or show an interdependency relationship.
For any couple there are strategies that can be taken advantage of. This just highlights the strategies available for same sex couples which is fine.
What is offensive about this article is the heading. By stating that Centric offer same sex advice it infers that it is not the norm and that they are doing so as a specialty, which is absurd.
Good information in the article but extremely poor choice for the heading.
[quote name=”Oh Please!”]Another gimmick this industry can do without.
There is no special planning for same sex couples, there is no special planning for genders. Male, female, heterosexual or gay, it makes NO DIFFERENCE WHATSOEVER.
Stop this ridiculous marketing to genders and sex.
There might be a slight estate planning consideration but that is it.
Get professional and stop this nonsense.[/quote]
I disagree – a lot of same-sex partners really do not understand their entitlements when it comes to superannuation/insurance. When your relationship is not fully recognised by the govt, it’s hard to know where you stand from an industry point.
Of course, same-sex couples don’t need to see one that ‘specialises’ in same-sex advice – but it’s not a bad idea for Centric to address the issue. I can guarantee you that there are a lot of same-sex couple that have no idea that they have almost equal rights under super/ins law.
Another gimmick this industry can do without.
There is no special planning for same sex couples, there is no special planning for genders. Male, female, heterosexual or gay, it makes NO DIFFERENCE WHATSOEVER.
Stop this ridiculous marketing to genders and sex.
There might be a slight estate planning consideration but that is it.
Get professional and stop this nonsense.