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Declaration Of Homestead

Protect the real estate that you own as your personal residence from creditors.


Execute a Declaration of Homestead to protect your home from creditors during your lifetime.  The Homestead document is recorded at the Registry of Deeds. A Homestead Declaration provides you with protection against creditors of up to $500,000.00 in equity in your home.  In the event of a lawsuit against you, the Homestead prevents an attachment and possible forced sale and loss of your home to a creditor.  After age sixty-two (62), you are eligible to execute an elderly Homestead which provides $500,000.00 of protection for each over sixty-two (62) owner of the real estate.  Thus, a joint Homestead for two (2) owners over age sixty-two (62) provides 1 million dollars of protection.  A joint Homestead is not permitted for persons under age sixty-two (62).  The Homestead will not protect your home for purposes of Medicaid planning, or nursing home obligations.


In summary, the simple legal documents discussed above provide valuable protection for all individuals.  Remember each person’s situation and objectives are personal and unique to that person.  The facts and family issues that apply to your situation are unlikely to be identical to that of your friends and neighbors.  The importance of obtaining competent legal advice for your own personal situation before establishing a personal Estate plan cannot be overstated.

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