Declaration of Homestead Laws in Massachusetts
For most people, their home is their most valuable asset. Leaving your home to a spouse or child beneficiary in a will may not be enough to keep it in the family or protect it from creditors. Working hard and paying the mortgage on time may not be enough to protect your home if you become embroiled in a lawsuit. Having a Declaration of Homestead on file is the best way to protect your home and your loved ones who wish to remain in your home after you have passed. If you have not included a legal Declaration of Homestead as part of your home purchase or estate planning, Shapiro Law Group, PC, can help you get it done. Basically, a Declaration of Homestead exempts a home from a forced sale to pay off debts. This protects the home from creditors and lawsuit judgments, if that judgment is for more than insurance will cover. While there is automatic homestead protect up the amount of $125,000, filing a declaration of homestead with the Registry of Deeds will protect a home up to $500,000.