A homestead or homestead estate generally includes a house, outbuildings, and the adjoining land owned and occupied by a person or family as a primary residence.

Many states—but not all—have laws that protect a person’s homestead from forced sale for the satisfaction (payment) of debts—at least up to a certain amount of the homestead’s value. These laws may be referred to as homestead exemptions or homestead laws and may be located in a state’s constitution or in its statutes.

The homestead exemption exists to provide a secure home for the family against creditors. The exemption is liberally construed to further its purposes. No specific writing is needed to claim a homestead exemption, but instead merely proof of concurrent usage and intent on the part of the owner to claim the land as a homestead.

In some states the constitutional family homestead exemption applies to the entire family, and not to either spouse individually. Therefore, so long as real property is a family homestead due to one spouse's intention and use, that property is protected by the homestead exemption, unless full abandonment has been pleaded and proved. Once a property has been established as a homestead, the property remains exempt unless it ceases to be a homestead due to abandonment, alienation, or death.

Abandonment of a homestead occurs when the homestead claimant ceases to use the property and intends not to use it as a home again. Anyone asserting abandonment of a homestead has the burden of proving it by competent evidence.

In Nevada, the homestead exemption is a legal provision designed to protect the value of a person's home from creditors and during bankruptcy proceedings. As of the knowledge cutoff in 2023, Nevada's homestead exemption allows homeowners to exempt up to $605,000 of their home's value. This means that in the event of a forced sale by creditors, up to $605,000 of the home's equity is safeguarded. The exemption applies to the primary residence, which can include a house, mobile home, or condo, along with the land it sits on. To claim the exemption, a homeowner must file a Declaration of Homestead with the county recorder's office where the property is located. This exemption is particularly important during bankruptcy, as it allows individuals to maintain their residence while managing their debts. It's important to note that the homestead exemption does not protect against all types of debts; for example, it does not prevent foreclosure by a mortgage lender for unpaid mortgage debts. Additionally, the exemption is automatic and does not require specific writing to claim it, but proof of occupancy and intent to use the property as a primary residence is necessary. The exemption applies to the entire family and not to individual spouses, and it remains in place unless the property is abandoned, sold, or the owner passes away.