Your primary residence may be your most significant asset. By signing a legal document known as a homestead declaration, you can protect (up to an amount specified your your individual state law) the value of the home from creditors, property taxes, bankruptcies, lawsuits, as well as any situations that may arise because of the death of the homeowner spouse.
If you’re among those that live in a state that recognizes the Declaration of Homestead, you’d be wise to get visit your county clerk or recorder right away for complete information about the procedure. Filing the document is well worth the few dollars and the little time it requires. It’s a simple step that could save you money .. . and it just might even save your home in these tough economic times.
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