A. Probate is the court-supervised process of passing assets through a will (or through state law if there is no will) after you die.
Money in a trust generally does not have to go through probate.
Life insurance death benefits and money in IRAs, 401(k)s and other retirement plans with beneficiary designations pass directly to the beneficiaries without having to go through probate (and the beneficiary designations supersede your will).
Bank accounts and brokerage accounts held as joint tenants with rights of survivorship pass directly to the joint owner after you die. Many states now permit people to own bank accounts and other financial accounts with a transfer-on-death designation.
The accounts can pass on assets outside of probate when you die, and you don't have to give up any control over your accounts while you are alive.