HOMESTEAD

homestead. 1. The house, outbuildings, and adjoining land owned and occupied by a person or family as a residence. • As long as the homestead does not exceed in area or value the limits fixed by law, in most states it is exempt from forced sale for collection of a debt. — Also termed homestead estate. See HOMESTEAD LAW. [Cases: Homestead  58–89.]

business homestead.The premises on which a family’s business is located. • In some states, business homesteads are exempt from execution or judicial sale for most kinds of debt. [Cases: Homestead  36.]

constitutional homestead.A homestead, along with its exemption from forced sale, conferred on the head of a household by a state constitution. — Also termed statutory homestead; pony homestead. [Cases: Homestead  3, 30.] pony homestead.See constitutional homestead.

probate homestead.A homestead created by a probate court from a decedent’s estate for the benefit of the decedent’s surviving spouse and minor children. • Under most statutes providing for the creation of a probate homestead, it is exempt from forced sale for the collection of decedent’s debts. The family can remain in the home at least until the youngest child reaches the age of majority. Many states allow the surviving spouse to live in the home for life. In a few states, such as Texas, the right to a probate homestead is constitutional. See family allowance, spousal allowance under ALLOWANCE; HOMESTEAD LAW. Cf. life estate under ESTATE(1). [Cases:

Homestead  134–153.] statutory homestead.See constitutional homestead.

2. A surviving spouse’s right of occupying the family home for life. • In some states, the right is extended to other dependents of a decedent.

[Blacks Law 8th]