The tread posted some years ago to the RootsWeb mailing list is worth revisiting

https://lists.rootsweb.com/hyperkitty/list/irl-deeds.rootsweb.com/thread/1026211/

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Original Post from 2012
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Fellow researchers

When a deed is for lives (usually) renewable sometimes members of the
royal family are used as the named lives. When the lives are renewable
these artificial names are of no real consequence and may be omitted
from the index. If the life is genuine and may impact on the length of
the lease it probably should be reported in the index.

If such a person as the "Prince of Wales" is recorded in the index I
suggest that you use "ROYAL_FAMILY" as the family name rather than the
changing actual dynastic name e.g. "HANOVER" and "SAXE-COBURG". The

forename in the forename field and title in the title field.
George Prince of Wales could be recorded as
Family Forename Title
ROYAL_FAMILY George Prince of Wales

But in most cases these people need not be included in the index.