Legal Question in Real Estate Law in Utah

Re: How do I convey my personal property to others?

It may be a felony to knowingly attempt to defraud creditors by conveying away assets. However, if you are looking for legitimate means to protect your assets there are legal and morally responsible ways to do that. I do not recommend that you convey assets to your children. First, there are rampant problems with conveying assets to minors; if your children are adults they are subject to the same risks of adverse judgment as you - perhaps even more so. A better choice is to convey assets into a trust or family limited partnership or some other recognized legal entity over which you can maintain some control. Because there are so many different avenues, and because the choice of such avenues is subject to your particular circumstances, you should share your circumstances with an attorney who has experience with these kinds of issues, and then let the attorney suggest a route, plus educate you as to how you can maintain the entity to protect your assets.

Note that even though you convey away your personal assets, there are a number of ways a creditor can still reach them. You still can suffer adverse judgments, but you can make it more difficult for a creditor to reach your assets.