Bill > S3085

This bill aims to clarify homestead estates in Massachusetts. It amends the definition of "Declared homestead exemption" to specify how the $500,000 exemption is calculated and allocated for different types of property ownership, including joint tenancy, tenancy in common, and trusts. The bill also updates the definition of "Owner" to include various types of property interests. Additionally, it modifies the grounds for terminating a homestead estate and specifies that recorded instruments containing certain statements about marital status or property characteristics can be relied upon by good faith purchasers. The provisions of the bill apply to homestead estates created before, on, or after the effective date, except for those subject to a final court judgment prior to the effective date.

Senate Committee on Ways and Means (S)

https://malegislature.gov/Bills/192/S3085