According to the BBA, when the new Homestead Legislation goes into effect in 90 days, on March 16th, 2011, here are some of the things that it will do:  

- Provide automatic protection to any primary residence up to $125,000 in equity in the home
- Clear up ambiguities and make rules for filing a homestead declaration more logical - Protect beneficiaries of trusts

- Clarify that a refinancing mortgage will not be able to terminate previously filed homesteads (this is a big one for those of us in practicing real estate law in Mass)

- Protect proceeds from the sale of a home or insurance  

- Protect spouses and co-owners who transfer property amongst themselves

- Extends homestead protection to manufactured homes

I’m sure we’ll have a post up on the Mass. Real Estate Law Blog soon, and there is already a post on the then prospective changes.