Payable on death
A beneficiary added to a bank account (payable on death) or investment account (transfer on death) so it passes straight to that person when you die.
You keep full control of the account while you are alive, and the beneficiary has no access until you die. Then they usually need only a death certificate and ID to claim it, without probate.
Banks and credit unions usually add a payable on death beneficiary for free. Brokerage accounts call the same idea transfer on death, or TOD, registration.