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What is a homestead declaration in Montana?

BY SIGNING A LEGAL DOCUMENT KNOWN AS A homestead declaration, Montanans can protect up to $250,000 in value of a home against most creditors claims. For example, if a person incurs an overwhelming gambling debt, up to $250,000 in value of his/her home would still be sheltered.

Can you still claim free land in Montana?

Homesteading in the state dates back to the Homestead Act of 1862, enabling US citizens to claim land provided that they lived on it, cultivated it, and improved it. Though several supplementary laws have been passed since the 1862 act, homesteading is still legal in Montana.

What is the Montana homestead exemption statute?

By signing a legal document known as a homestead declaration, Montanans can protect up to $350,000 in equity of their home against most unsecured debts. BY SIGNING A LEGAL DOCUMENT KNOWN as a homestead declaration, Montanans can protect up to $350,000 in equity of their home against most unsecured debts.

What is the Montana homestead allowance?

These provisions include the homestead allowance, exempt property, and a family allowance. Additionally, the surviving spouse has a right to an elective share of the decedents estate. A surviving spouse of the decedent who was a resident of Montana is entitled to a homestead allowance of $22,500.