Whether or not there is a Will, the assets of a deceased person (i.e. their "estate")must go through probate. Accordingly, someone will be appointed by the local probate court (typically a family member or friend) to "administer" the estate. This means that all assets will be accounted for, all creditors will be paid and all remaining assets, if any, will be distributed to the heirs. If there is not enough money to pay all creditors, they will each receive their proportionate share of estate assets and any unpaid amounts will be extinguished (i.e. need not be paid back).
Note: If an estate is small enough, then most states have a small estate procedure which is a simplified kind of probate.
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