Legal Question in Wills and Trusts in Utah
If we wanted to put our home in our childs name how long before it would not be considered our asset.
Asked on 10/28/10, 2:25 pm
1 Answer from Attorneys
Alvin Lundgren
Alvin R. Lundgren, L.C.
If the child is an adult, the asset transfers at the time the deed is signed, it becomes notice to the public when the deed is recorded. Before you transfer title to your child, you should talk to an attorney to make sure that what you want to do is being done properly. Generally a person will place a home into a trust for a child. That way the parents continue to enjoy the home, but title changes only upon death of the last parent.
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Answered on 11/03/10, 8:12 am