You own a policy on your child, you've been funding it for fifteen years, and now they're an adult with a job. The question of whether to hand it over has a few moving parts.
Mechanically the transfer is simple. The carrier has an absolute assignment or change of ownership form, both parties sign, and the carrier records it. Ownership carries the control rights: who can take loans, who can change the beneficiary, who can surrender the contract. The insured stays the insured either way.
The consequences are where it gets real. Once they own it, they can surrender it. A twenty-three-year-old who wants a truck can cash out fifteen years of your funding, and you'll find out afterward. That's not an argument against transferring, it's an argument for transferring when they're ready rather than when they hit a birthday.
On the tax side, transferring ownership without payment is a gift, valued roughly at the policy's value at transfer, and it counts against your annual exclusion and lifetime exemption. Transferring it for consideration can trigger the transfer-for-value rule, which in some cases makes part of the death benefit taxable to the recipient, and that's an outcome nobody wants by accident. There are exceptions for transfers to the insured, which is often exactly the situation here. Estate considerations run the other way: keeping ownership means the death benefit may be includable in your estate. I'm a licensed insurance broker, not an attorney or a CPA, so this specific transfer should get run past both before you sign the form.
The middle path a lot of families use is to keep ownership and tell the kid everything: what the policy is, what it's for, what it's built up, and what you intend to do. Then transfer when there's a reason, like they're funding it themselves or they're borrowing from it for a house. Ownership follows the responsibility instead of preceding it. What you can't do is transfer it and hope the conversation happens on its own.