THE MA HOMESTEAD
The Massachusetts Homestead law allows you to have a certain amount of protection on your home from potential creditors and/or lawsuits.
MA changed its Homestead Law, effective in March, 2011 (but existing Homesteads will carry forward under the new law).
The primary provisions of the current Homestead law are:
Provides $125,000 of automatic protection to any primary residence (WITHOUT having to record a Homestead at the Registry of Deeds)
Provides up to $500,000 protection for those who record a Homestead at the Registry of Deeds (up to $1 million for 2 owners who are both over age 62).
Allows Homestead protection for Trusts. This means that you can re-title your home into Trust to avoid the probate process at death, and still get the creditor protection from the Homestead.
Clarifies that refinancing a mortgage will not terminate or invalidate previously filed homesteads.
The recording fee (payable to the Registry of Deeds) for a Homestead is $36.