If I have a will, there is no probate, right?

Probate refers to the process that your assets have to go through to get your debts paid and the property distributed where it belongs. So, the will tells us what to do, but whether your assets have to go through probate or not depends on what kind of assets you leave.

Assets like life insurance, IRAs, 401(k)s, jointly held property, transfer on death (TOD) or pay on death (POD) designations, and transfer on death deeds (TODDs) have named beneficiaries and so those assets do not normally have to go through probate.

Assets in your name alone or held with someone else (such as tenancy in common) are assets that have to probated.