The probate court may authorize executors, administrators, guardians, and conservators to submit to arbitration, to abandon, or to adjust by compromise, or otherwise settle or dispose of, any claim in favor of or against, or any controversy or thing whatever relating to the estates by them represented, whether or not arising under, or involving the construction of, the provisions of a will, trust deed or other instrument, and for any of these purposes to enter into, give, execute, make, and do such agreements, instruments, deeds, conveyances, assignments, settlements, payments, compositions, arrangements, court or other stipulations, releases, receipts, and other things as the probate court shall by its order or decree approve or authorize.