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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.
Here the money is closed out by the executor/administrator once appointed.The funds are deposited into an estate account under the EIN number.The creditors here get first crack at the money.Any left over funds the court determines who gets what and it may be a fraction of what they were to get.
The priority of payment for creditors by law is (See NJSA 3B:22-32):
Honestly by the time the creditors are paid and we are talking the funeral expenses, legal fees, executor gets paid as well and any others there may not be anything left.But if there is the court has to decide who gets paid pro rata among the beneficiaries.They are going to get small pieces of a small pie.
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