We usually recommend using a lady bird deed in situations like this, but you need to have an estate planning attorney review things to make sure that meets your parents' objectives. They also need durable power of attorney forms for health and financial matters. None of these forms are particularly expensive. They should be prepared by a lawyer to make sure they are done properly.
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First, I would advise your parents to get a will. A simple will is inexpensive and worth doing.
The transfer of property can be done by will or by a deed transfer. Contact your local probate court for information on estate planning and/or a local inexpensive legal referral.
I would be happy to prepare the appropriate forms for you, after discussing and reviewing the situation with you personally. You can reach me at 262-789-2741.