Executor requirement to disclose house sale price
This is in Ontario. It’s a question I’m just curious about.
A discussion came up with a friend, whose mother recently died. There are seven siblings, all were named as equal beneficiaries. One of the brothers is sole executor.
The executor brother recently concluded a deal to sell the mother’s house to my friend’s son. My friend and the executor brother are saying they got three appraisals, determined a fair price and sold it. So far so good.
My friend was being secretive about the price his son paid. When I asked him why, he said he doesn’t want his siblings to know.
I asked how does that work? I thought the executor had a duty to be transparent. He says absolutely not. The executor does not have to tell them what he sold the asset for.
Not surprisingly, the other siblings disagree and are demanding to know the price the son paid.
So I’m just curious, is the executor required to be transparent about asset sale prices?