Cohabitating
Legislation came into force in December 2005 allowing civil partnerships to be registered by same sex couples.
Civil partners have acquired a number of new rights and responsibilities which have placed them on the same legal footing as married couples. Registering a partnership does (as with marriage) invalidate any existing Wills and there are some disadvantages as well as benefits.
It is not be possible for a couple registered under the new legislation to claim the double exemption from capital gains tax if each owns a property, one property will have to be nominated as the main residence, and the dissolution of the partnership is similar to divorce with the courts able to determine the split of assets.
As with marriage there is no inheritance tax between partners, whilst this may be seen as an advantage, this puts civil partners firmly into the 'Inheritance Tax Trap'. You can make a new Will up to six months before the date of your civil partnership ceremony if the date is confirmed.
Don't delay, protect your assets.
Call NOW on: 07967 595454 or contact us today to arrange a Call Back.
Speak to Mat Lee (Head of Wills & Estates)
North Mortgages
