Life estate

I have an adult child from a previous marriage. I am currently married, and my second wife and I have no children. My wife and I are interested in making our wills and planning our estate for the future. I would like for my daughter to have our home and land, which is titled in both our names, to which my wife is agreeable. I also want for my wife and I to have lifetime rights to the property. I have heard a life estate might be the way to proceed, but how can I go about this - by deeding it to my daughter now and keeping lifetime rights or through a will? What might be our best option? I just want to insure that my daughter will ultimately wind up with the land and home after both my wife and I are gone.

The BEST way is to see a lawyer so it is done right.

If the daughter is a minor, she likely does NOT have legal or practical ability to hold, manage and pay taxes and maintain the home. An adult guardian would be needed.

An agreement stating what you want and agree to is one approach - as if you go your wife could change her mind later and her new husband wind up with the home....