Politics & Government
Protect Your Home From Legal Claims
Changes to existing law give homeowners better protection from lawsuits
Ever worry about losing your home in a lawsuit? Well, Secretary of State William Galvin has announced changes to an existing law that will better protect residents against losing their home to legal claims.
Basically, the Homestead Act, in place for years, allows homeowners to protect their homes from up to $500,000 worth of legal claims.
The new version of the law, however, extends an automatic $125,000 worth of protection to homeowners who have not filed for the Homestead protection. The new law also protects homeowners against pre-existing debts, insurance coverage and sale proceeds.
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The new law also allows homestead protections for trusts. Residents 62 or older as well as disabled individuals, who are trust members, can each file for protection, which can collectively total up to $1 million.
The changes took effect March 16. Protections for homes filed before that date, up to $500,000, still apply.
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For more information on filing for protection, see the attached PDF by clicking “view gallery” under the photo.
Sources: Secretary of State Web site.
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