In December, Governor Deval Patrick signed into law St.2010, c.______ (S2406), An Act Relative to the Estate of Homestead. This legislation, which goes into effect March 16, 2011, makes several changes to the current homestead law:
- Automatically protects up to $125,000 in home equity without filing
- Protects up to $500,000 for those that file for homestead protection
- Allows spouses to both file, currently only one may file
- Clarifies that there is no need to re-file after refinancing
- Allows trustee to file for homestead for homes transferred into trust
If you have recently refinanced, or transferred your home into a trust, or have any questions regarding your current homestead status, please do not hesitate to contact our office.
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