Your parents should not put you on the deed. The others are right about losing out on stepped up cost - basically when you try to sell the house, you'd be paying capital gains on any amount over what your parents paid for it if you're on the deed now (before your parents have passed away). If they'd owned it for some years and the area has had high appreciation, that could be hundreds of thousands of dollars difference. If they leave the house to you in their will, then you can get it assessed at the time of death (or within a few months) or use the property assessment from the county tax assessors (have the executor name either or) as the value, and then only pay capital gains on the amount of the stepped up cost.
Just went through this with my dad's house. House was purchased in 1968 for $35K. At time of death, house was valued at $74K (sister was executrix, named the value in the probate based off of property tax assessment) and we sold it for $93K. So we'll have to pay capital gains taxes on the difference between 74 and 93K instead of 35 and 93K. (you can also deduct out the cost of realtor or other fees associated with selling the house, and cost of any major renovations I believe from what I've read, but I still have to confirm before the 2014 taxes are filed).
I'm obviously not an expert, so confirm the details with lawyer or estate planner.
As far as streamlining stuff...
Any investment accounts (IRAs, 401Ks etc), have them put you down as the beneficiary. Any accounts that have you listed (they can still list each other as primary beneficiary, but have you as the secondary beneficiary - or look for the term "transfer on death" and that should be good. TOD accounts do not go through probate and are not a part of the estate - you just have to file a death certificate with the company along with a letter of explanation asking for the account(s) be transferred, and within a few weeks the accounts become yours. Very quick and easy and better than leaving it up to being covered in the will. It took about 3 weeks to get the one account my dad did list my sister and I as beneficiaries (had to wait on the death certificate or it would have been sooner) but it took close to 10 months to gain control of the accounts he had no named beneficiaries since they were considered part of the estate and had to go through probate. Make sure to find out where the accounts are (account numbers and financial institutions), and contact them when the time comes - there have been some discussions on here about how many places will make zero effort to search out beneficiaries. So keep the list somewhere safe (if you get a copy of the will, just put the list with that).
Tthings that go through probate will get put on hold until all debts are settled, and depending on the state you will need to keep the estate open for 6 months to a year so dispersing everything will have to wait, so the less stuff having to go through probate, the better.
Any property, like the house and contents, savings and checking accounts, cars and such can be covered in the wills - if you're the sole heir once both parents are gone, then it should be pretty straightforward. Any decent estate lawyer can set this up easily and simply.
