Probate:  The legal process of settling the estate of a deceased person, ensuring assets are distributed according to their will (or state law if there's no will), debts are settled, and any disputes are resolved.  This process is public and the names of your beneficiaries and the amounts they received are also public.  Probate is also expensive and time-consuming.  For example, in Fairfax County you can expect 3-5% of the assets to be lost in probate costs and the process to last 6-18 months.  

Intestate:  Dying without a will or trust.  Your assets go through probate and the Commonwealth of Virginia will distribute remaining assets according to its rules.  The court appoints guardians for minor children.

Will:  Allows you to name guardians for minors and direct where your assets go upon your death.  Minors receive assets when they turn 18.  Your assets passing under the will go through probate.

Trust:  A tool that allows you to maintain total control over your assets, avoid probate costs, allows your assets to be used for you if incapacitated, and lets you dream up anything you’d like in terms of how and when your assets are distributed.  A trust is also private and assets can be distributed within weeks.