In relation to estate handling, the Petition for Letters of Administration form I’m filling out seems really vague about “other assets of significant value”.
Some things make sense like boats, cars, jewelry, while others are obviously insignificant like a $10 lamp. What about items like a $1000 guitar or a $200 air compressor?
How small can significant get before it’s insignificant?
It first depends on what state you are dealing with. This expression shows up in standard forms in Georgia, where it is not defined. You can read the associated statutes (Georgia Code, Title 53) especially the definitions, and it won't tell you. The probate court rules also don't tell you. So in Georgia, it would be "what a reasonable person would conclude" (good luck there). Searching for legal blogs that might give a hint, this article refers to "Significant assets that are solely titled to the decedent- property, automobiles, boats, homes", which seems obvious – they don't suggest a lower value, because that is not legally determined and they don't want to get in trouble for advising that $1,000 (or $500) is "an insignificant value". The purpose of the form is to put beneficiaries on notice as to what is at stake, and for purposes of that form, it is an estimate, not a binding promise. You have pretty much identified the indeterminacy of the law (in Georgia).
The reasonable person test is well established in common law and under it, an item will be of significant value if a reasonable person would consider it to be such. This would include considerations of its value:
An executor who considered all of these and then decided that it is or is not valuable has likely met the test.
