We are frequently asked whether a person must file under the Homestead Act to protect his or her home from creditors or a judgment. According to Idaho Code 55-1001 through 55-1005, a person does not need to file under Idaho Homestead provisions to protect his or her homestead if the home is occupied as a principle residence.
Homestead is defined as "the dwelling house or mobile home in which the owner resides or intends to reside, with appurtenant buildings, and the land on which the same are situated.." The exemption amount shall not exceed the lesser of the total net value of the lands, mobile home and improvements, or $101,153.
If the property meets the definition of homestead, then it is automatically protected. If a person owns unimproved or improved land that is not yet occupied as a homestead, then the owner must file a declaration of homestead, stating that he or she intends to make the premises his or her principle residence and include a legal description and an estimate of the cash value. If a person owns land that is not yet occupied as a homestead, but also owns another parcel on which the owner presently resides, the owner must execute a "declaration of abandonment" (55-1004(4)). This prevents a person from claiming two homesteads at the same time.