legal-terms trusts-and-estates
Does the term “significant value” in general have an amount associated with it?
<p>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”.</p>
<p>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?</p>
<p>How small can significant get before it’s insignificant?</p>

<p>It first depends on what state you are dealing with. This expression shows up in <a href="https://georgiacourts.gov/wp-content/uploads/2020/12/GPCSF-3.pdf" rel="noreferrer">standard forms in Georgia</a>, where it is not defined. You can read the associated statutes (<a href="https://law.justia.com/codes/georgia/2019/title-53/" rel="noreferrer">Georgia Code, Title 53</a>) especially the <a href="https://law.justia.com/codes/georgia/2019/title-53/chapter-1/article-1/section-53-1-2/" rel="noreferrer">definitions</a>, and it won't tell you. The <a href="https://georgiacourts.gov/wp-content/uploads/2019/07/Uniform-Probate-Court-Rules.Approved.05092019.pdf" rel="noreferrer">probate court rules</a> also don't tell you. So in Georgia, it would be &quot;what a reasonable person would conclude&quot; (good luck there). Searching for legal blogs that might give a hint, <a href="https://wills-trusts-attorneys-georgia.com/probate-frequently-asked-questions-faqs/" rel="noreferrer">this article</a> refers to &quot;Significant assets that are solely titled to the decedent- property, automobiles, boats, homes&quot;, 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 &quot;an insignificant value&quot;. 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).</p>

<h2>It’s what a reasonable person in the position of the parties would consider “significant”</h2>
<p>The <a href="https://en.wikipedia.org/wiki/Reasonable_person" rel="noreferrer">reasonable person</a> 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:</p>
<ul>
<li>in absolute terms</li>
<li>relative to the size of the estate</li>
<li>relative to the wealth of the beneficiaries</li>
<li>relative to the costs of liquidating it or otherwise conveying it to the beneficiaries</li>
<li>in sentimental terms.</li>
</ul>
<p>An executor who considered all of these and then decided that it is or is not valuable has likely met the test.</p>
