Probate is the legal process through a court where you file your will, gather assets, pay debts, pay taxes, pay administration expenses, and distribute your remaining assets to your named beneficiaries.

A will distributes your property according to your written wishes.  It is a tool where you can name a guardian for any of your minor children, set up a testamentary trust, eliminate the need for bonds, handle inheritance tax issues, and eliminate the need for the supervision by the court of a minor child's inheritance. 

If you do not have a will, your property will be distributed according to the laws of the State where you have a legal residence. 

In order to make a will, you must be of sound mind and at least 18 years old.  The will must be in writing and signed by you and at least two other witnesses as required by State law.

An executor may also be called a personal representative.  It is a person or institution that is chosen by you in your will to oversee and distribute your estate according to your will.  The executor is in charge of gathering assets, paying debts, paying taxes, and distributing your remaining assets to your named beneficiaries.  The executor is legally responsible for the administration of the estate.  In addition, the executor may be entitled to reasonable fees for administering the estate.

You should consider the following:

To whom do you want to leave your property?

How do you want to handle inheritance taxes?

If you have minor children, who will be named their guardian?

Who will be your personal representative or executor?