In today's litigious society how can you afford not to have a Homestead?  If you are sued, you could be attacked and your principal residence could be exposed to foreclosure proceedings to execute on a judgment.
 
What is a Declaration of Homestead/Homestead Protection?
 
An Estate of Homestead is a type of protection for a person's residence.  It allows homeowners in Massachusetts to protect their property up to five hundred thousand dollars ($500,000.00) of the value of their primary residence, per family.
 
Who can Homestead protection?
 
The owner or owners of a home or those who rightfully posses the premises by lease or otherwise and also occupy or intend to occupy the home as a principal residence may file for Homestead protection.  Only one owner may acquire an estate of Homestead in any such home.
 
How am I protected?
 
The real property or manufactured homes which serves as an individual's principal residence shall be protected against subsequent attachment, levy on execution or sale to satisfy debts to the extent of five hundred thousand dollars ($500,000.00) per residence, per family.
 
This would include either a parent and a child or children, a married couple and their children, if any, or a sole owner.
 
How am I protected if I am 62 or older, or disabled?
 
The real property or manufactured homes of persons sixty-two (62) years of age or older, regardless of marital status, or of a disabled person or persons, regardless of age, shall be protected against subsequent attachment, seizure or execution of judgment to the extent of five hundred thousand dollars ($500,000.00) each.
 
The real property or manufactured property must serve as an individual's principal residence and each individual filing will be eligible for protection up to the maximum amount of five hundred thousand dollars ($500,000.00) each regardless of whether such declaration is filed individually or jointly with another.  Elderly persons filing jointly, regardless of marital status, will be exempt up to five hundred thousand dollars ($500,000.00) each.
 
Are my spouse and children covered, should I pass away?
 
Yes, should the parent who declares the Homestead die, the law protects the residence until the youngest unmarried child reaches the age of eighteen (18) and until the surviving spouse dies or remarries.
 
Is there anything I will not be protected from?
 
The following are exempt from the Homestead Law:

• Federal, state and local taxes, assessments, claims and liens;
• Mortgages used to purchase the residence, and in the case of the elderly homestead, first and   second mortgages held by financial institutions or others;
• An execution issued by the Probate Court to enforce its judgment that a spouse pay for support of a spouse or minor children;
• Where buildings on land not owned by the declarant of a Homestead estate are attached; levied upon or sold for the ground rent of the lot wherein they stand;
• Upon an execution issued from a court of competent jurisdiction to enforce its judgment based upon fraud, mistake, duress, undue influence or lack of capacity;
• Debts contracted prior to the acquisition of the Homestead.