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A life estate "with full powers" deed lets you change your mind. We added our three children to our deed via a Life Estate with Powers.The three remainderman are designated as Tenants in Common. A life estate deed is a legal document used in real estate to grant ownership of property to an individual for the duration of their life. With a life estate deed you can add children to have ownership of your home after you instead of coowning, to avoid costly consequenses. A life estate deed is used to transfer ownership of property from one person to another. Deeds "With Powers" are generally written to allow the Life Tenant to have full control over the property. An Enhanced Life Estate Deed, also commonly known as a Ladybird Deed, is a Quitclaim Deed that helps you transfer your property to another within your lifetime. My parents have me on their house deed (life estate deed with full powers) following their passing. A life estate "with full powers" deed lets you change your mind.