The process typically involves notifying creditors of the death, taking an inventory of the decedent’s assets, determining legitimate creditor claims, and paying those claims from the estate. Creditors are usually notified through direct contact or by publishing a notice in local newspapers. Claims must be made within a specified time frame, and they are paid in order of priority as established by law. If there are insufficient funds to pay all debts, state statutes dictate which debts are prioritized.