I have been living with and caring for my parents for over 35 years. My father's will gives the house equally to both me and my sister. She and her husband own their own home. She stated that she will relinquish her share to me.
I would be responsible for all expenses, maintenance, taxes, etc.
When the time comes, my will gives all real property to her. What would be most advantageous (liability/inheritance/taxes/probate) way for the title to be worded?
Retitling assets for inheritance is not for inexperienced or nonlegal people. Play it safe; invest the money and get it done properly.
Your sister can probably disclaim, then the house would be in 100% your name. She would have no responsibility for it. She (and her creditors, ex-spouse, anyone with a liability claim) would have no claim on it. You could borrow on it (probably not a good idea) leave it to someone else, or leave it to her. If you leave it to her, your state may allow a transfer on death deed, or you may want to do a living trust to avoid probate. If it is likely to increase greatly in value and be sold after your death, then it may be important to note that the step up in basis would apply to 100% of the property value if it is entirely in your name, so the capital gains tax would be less when it is sold.
Or are you asking about being joint tenants or tenants in common?