"Can be done" and "Should be done" are distinct questions. Yes, assuming that we are talking about real estate, your father can simply sign, or "Quit Claim" a Deed transferring the property to you. (This assumes that your father owns the property himself, outright, which you will want to make certain of.) However, such a transfer may not be financially wise. If the property has risen in value since your father acquired it, it might be better from an economic standpoint to leave it to you at his death instead of transferring it while he is alive. The reason is something called tax basis of the property -- that is, the value from which taxable profit is calculated when it is sold. When property is quitclaimed to you, your tax basis is the amount your father paid for it. If you later sell the property, you would have to pay tax on all of the profit that exceeds his purchase price. However, if your father leaves the property to you when he dies, your "basis" for the tax calculation is the property’s value at your father’s death. That’s likely to result in much lower tax responsibility if you decide to sell.
