John B: Irrevocable trust only work well if there is a large amount of assets to transfer. Then there usually needs to be these things going on too.
1) The grantor's do not need the assets in anyway after they transfer them. Meaning if it is a farm they will not longer get ANY income from the farm. It goes into the Irrevocable trust then to the beneficiaries.
2) The Trustees are good at financial managing and HONEST!!! The trustees have great discretion in how they handle the trust. I think your parents just hung a boat anchor around their four kids necks. An Irrevocable trust is not a good passive investment. Meaning it takes time to manage it and comply with all the rules.
3) There should always be an odd number of trustees. There will be disagreements. You are all individuals. It is easy to SAY you all get along but once your parents are no longer here you will find you will not be as close as you once where. Also the OUTlaws(non-family spouses) usually cause the issues. Example: Your brother's wife holds more sway with him then you do. She has ZERO commitment to YOU. She will want HER/their share plus a little AND NOW not later. If you deal with a local bank you can make them one of the trustees. This usually works well as the representative from the bank is usually a good money person.
I have been the executor of several estates. The cost of probate is not that high even with multi-million dollar estates. When you figure them on a percentage basis. Estate planners will tie themselves into knots to "save" a few thousand dollars on a million dollar estate. They have to MAKE a reason to exist. The more complicated the better for them and the lawyers you all will be hiring to straighten this all out down the road.
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