"You
Can Protect Your Family's Home --
Even
if Someone Sues:"
A
Guide to The Homestead Act in Massachusetts.
For
most of us, a house is the biggest investment we will ever
make and the largest asset we will ever own. Most importantly,
it is the place that we call home. Shouldn’t we be doing all
that we can to safeguard this important asset? To help you
protect your home in case you are ever sued, the Massachusetts
Legislature
established an easy and inexpensive procedure that allows any
homeowner to file a ‘Declaration of Homestead.’ Once
filed, creditors cannot take your home to satisfy debts up to
amounts set in the law.
Although
the subject of Homestead is primarily under the jurisdiction
of the Register of Deeds, the Suffolk County Probate and
Family Court Registry has decided to actively publicize and
promote The Homestead Act because it is an easy way for you to
protect your family and your assets. It should also be an
important part of any estate plan that provides for your
family and your heirs.
All
homeowners should review the following qualifiers to see if
you are eligible to file a Homestead Declaration:
-
You can file for protection
on a home that you own only if it is your and / or your
family’s principal residence. The home can be a single or
multi-family dwelling, apartment house, condominium unit, etc.
-- just as long as it is a primary residence;
-
An owner can claim Homestead
Act protection regardless of marital status or the presence of
children in the home;
-
The Homestead Act does not
apply to a secondary residence, such as a cottage or summer
home, and you cannot claim more than one estate;
-
Homestead can be filed by a
sole owner, or by any of the owners if there is more than one.
(Only one person should file to protect a family residence,
except if there are two owners and both are either disabled or
over the age of 62. In this instance, it is advantageous for
both to file);
-
Homestead Act protection will
not stop enforcement of court ordered payments (child support,
unpaid taxes, etc.) or if debts involve duress, fraud, etc,
and does not stop foreclosure on your mortgage or debts
incurred before filing the declaration;
-
Where there is only one
owner, or if one of the owners is under age 62 and not
permanently disabled, effective October 25, 2000, The Homestead Act offers
$500,000 of
protection. If there are two owners and both are at least 62
years old or permanently disabled, each may file separately under The
Homestead Act for protection worth $1,000,000 (disability must
be proven with a letter from the Social Security
Administration or a signed letter from your own doctor);
It
is also important to remember the following facts:
-
If a declaration has been
filed and more than one owner becomes disabled or reaches age
62, a new declaration should be filed to increase the
protection;
-
Filing a declaration does not
prevent you from selling the property, leaving it to someone
in your will, etc;
To
file a Declaration of Homestead, you will need to know the
‘book and page’ numbers of your recorded deed (or the
‘Certificate of Title number’ in the case of registered
land). The fee to file a declaration is $35.
Declarations
must be filed in the Registry of Deeds in the county where you
live. Here in Suffolk County, the Registry of Deeds is located
along with the Probate Registry in the Edward Brooke
Courthouse, 24 New Chardon Street, Boston.
If you are not in Massachusetts, contact your state's equivalent
of the Registry of Deeds to see if a similar Homestead law
exists in your state.
Massachusetts residents can print out copies of the form by clicking here.
Should
you have further questions, contact your local Register of
Deeds.
