Payable On Death

We don't want to leave this earth with our children having to figure out our finances and going through probate court.  So in addition to having our offspring listed as contingent beneficiaries on all our investment accounts, we recently modified all our bank accounts to "Payable On Death" and added them as the payees, so the bank will take care of sending them their share when we both pass. 

As Forrest Gump said, "that's one less thang".

https://www.investopedia.com/terms/p/payableondeath.asp