The proposed settlement of a wrongful death claim must be approved by the Probate Court having jurisdiction over the deceased's estate. Whether by settlement or by the verdict, the funds received by an estate fiduciary as a result of a wrongful death claim are distributed to eligible estate beneficiaries in an equitable manner as determined by the probate court, giving due regard to the injury and loss to each beneficiary resulting from the death and to the age and condition of the beneficiaries. If all of the eligible beneficiaries are on an equal degree of consanguinity to the deceased, the beneficiaries may adjust the shares amongst themselves.