Over the past few months, Hong Kong courts have made several rulings in favour of LGBTQ+ groups, including the recognition of same-sex partnerships and the granting of housing benefits to same-sex couples. While this marks a step forward for Hong Kong in moving closer towards an equal and fair society, these changes will have significant impacts on wealth planning for LGBTQ+ couples.
Sarina Cheung recently spoke with Hong Kong Economic Times about what members of the LGBTQ+ community in Hong Kong should be aware of when it comes to wealth planning, such as setting up a will. She also noted that couples who are unable to get a divorce in Hong Kong or other jurisdictions might run into issues if one of the parties has rights under the Intestates’ Estates Ordinance. Couples should consider putting a Deed of Arrangement in place to waive such rights in these cases.
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