If I file a Quit Claim Deed with a "Terms Of Life Estate" will it have any effect on my Homestead exemption?

What is this? What exactly are you trying to accomplish? If you are trying to do an enhanced life estate or "Lady Bird" deed, those are only recognized in Texas and a handful of other states. To my knowledge, they are not valid in Georgia and before you create something that your heirs will live to regret, I suggest that you run your proposed deed by a real estate attorney or possibly a probate attorney. Why not do a real deed and convey the property to yourself as life tenant with the remainder to your heir if t hat is what you intend to do? The drawback is that once you give away the property like this you cannot sell it or get it back if you change your mind without the consent of the remainderman. In the alternative, don't do "poor man's" estate planning by relying of deeds for the disposition of your property. If you are concerned, then do a proper will or trust and convey the property in that. Wills done by an attorney are not all that expensive. Without knowing what you really are trying to do and without seeing the documents, I cannot comment any further.