My question involves estate proceedings in the state of: california
I have several basic bank accounts and I may also soon also own a home outright. I want my sister to get everything i own when i go, and while looking thru the faqs at legal zoom i noticed two things that i thought may make it possible to leave the home and all bank accounts to her without needing a will or living trust. for the home, joint ownership. it says when one joint owner dies thier portion automatically goes to the surviving joint owner. So i would make her joint owner. for the bank accounts it mentions Pay-on-death Bank Accounts and states the following.... "If your bank account has a designated beneficiary upon death, then generally speaking, that person will become the account owner when the depositor dies".
What i want to know is if i make my sister joint owner of the home i buy and make all my bank accounts "pay on death" accounts with her as beneficiary, will i be able to die w/o a will or living trust and be assured she gets all?
Also, Is there some sort of difference between a "pay on death" account and a account with someone named as beneficiary, or are they just two different names for the same thing, an account which is given to a named person upon the depositors death? thank you