One of the first steps in the probate process is notifying possible creditors and/or claimants (those who are owed funds or other assets) of the deceased’s estate so they may collect the funds owed to them.
Notifying potential creditors through a formal process, usually involving posting a notice to creditors in a local and/or national newspaper for a certain period. More on that is below.
The reason this is one of the first steps in the probate process is due to how the assets of the estate are paid out. Prior to any assets being distributed to beneficiaries, the estate will need to repay any expenses (funeral costs, court fees, etc.) as well as any legitimate claims.
If this step is missed or intentionally glossed over during probate, then a claimant could come forward demanding funds legally owed to them which you will be obligated to pay, regardless of how much (if any) funds are left in the estate.
However, if you do file a notice to creditors, then once the limitation period has passed–usually 30-120 days–then any claims that come forward may not be valid (depending on state laws). At the very least, any claim brought forward after this date will be harder to process.
If any legitimate claims do become due, nonetheless, you as the executor will not be in a financially precarious position by paying these debts up-front–as they should be.