What is a Homestead Declaration?
A Homestead Declaration is a document filed at the Registry of Deeds that will protect your home against unsecured creditors up to $500,000.00.
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What is not protected by a Homestead Declaration?
You are protected against most of the claims that creditors might have against you but there are certain types of claims that are exempt from the law. The most prominent of these are federal, state and local tax assessments/liens and first and second mortgages. In addition, certain judgments of courts of competent jurisdiction are exempt (such as for child support or alimony).
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Do Both Spouses file when the Property is Jointly Owned?
The answer is that it depends upon the age of the spouses. If both spouses are over 62, then both can and should file Declarations, because they are both entitled to place $500,000.00 protections on the home (for a total protection of $1,000,000.00). This is also the case for disabled individuals. However, the law also states that only one Declaration is allowed per family if any spouse is under the age of 62. As each spouse reaches the age of 62 a new Declaration should be filed.
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How and where do I File?
The Declaration is filed in the Registry of Deeds for the county in which the property is located. The document must be accompanied by a check made payable to the Commonwealth of Massachusetts in the amount of $35.00.
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Can I Declare a Homestead on More than One Property?
No. A Homestead Declaration is permitted only on the homeowner’s principal residence.
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Does the Protection Continue After I die?
Yes, until the surviving spouse remarries and until all minor children reach the age of 18.
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How Does the Protection Terminate?
The protection can terminate in several ways. These include the sale or transfer of the home, the death of the declarant, the remarriage of a surviving spouse, a recorded release, refinancing (in some instances), and a change in use of the property (when it no longer is the principal residence).
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