What is a payable-on-death account?

A payable-on-death account is a bank account where you name someone to receive the balance directly when you die. The money skips probate and goes straight to your named beneficiary, who just needs a death certificate and ID to claim it. You keep full control while you're alive, and the beneficiary has no access until then. It's a free and easy way to pass cash to a loved one quickly.