We just wanted to remind you that changes to the Massachusetts Homestead Act will take effect this Wednesday, March 16. If you don’t already know, the Homestead Act (actually, the exact term is “Declaration of Estate of Homestead) is a legal document filed at the registry of deeds that informs the public that the homeowner is asserting his/her rights to protect the equity in the home from subsequent creditors.
However, as you can imagine there is a little more to it. Here are couple of resources you might find helpful:
- “What changes in the Massachusetts Homestead Law means to homeowners” by MAR Associate General Counsel, Michael McDonagh; and
- “Beginning this week, Homestead Act strengthens protection” by Stephanie Ebbert, Boston Globe
Just remember, with many issues, homeowners should consult their personal attorney regarding specific legal questions about the Homestead Act and how they may or may not be impacted by the new changes.