Hi Keval, yes, this is possible! You can transfer ownership of any document you own via the Sharing menu. Full instructions can be found in this Share with collaborators in Lucid article from our Help Center, but to summarize here, you can click the “Manage” button within the collaborators section of the sharing menu, then choose the fellow user you’d like to assign ownership to.

If the owner of a document is deleted, collaborators will lose direct access to the document - all documents that users owns will be deleted along with them. I hope this helps!