New Homestead Law Takes Effect March 16th

Revisions to the Massachusetts Homestead Law will go into effect on March 16, 2011. Chapter 395 of the Acts of 2010, AN ACT RELATIVE TO THE ESTATE OF HOMESTEAD, revises and replaces the provisions of the Massachusetts Homestead Act, G.L. c. 188. The amendment provides additional definition and clarifies a number of uncertainties in the existing statute. More information is available at the General Court’s webpage.

The Registry of Deeds is working with the Office of the Secretary of the Commonwealth to provide new homestead forms and information materials. The new information will be posted here on the Worcester Registry of Deeds blog.

Highlights of the New Law:

• Automatically protects up to $125,000 in home equity without filing
• Protects up to $500,000 for those who file for homestead protection
• Allows spouses to both file-- currently only one may file
• No need to re-file after refinancing
• Provides coverage for homes kept in trusts
• Homesteads currently in effect will remain in full force notwithstanding their failure to comply with provisions of the new statute