Anyone familiar with irrevocable trusts?

[HundredK]

Hi, just wondering if anyone here is familiar with irrevocable trusts? We are the beneficiary on a trust that holds real estate. It was set up by my husband's mother and her husband, with 25% to each of her children and 50% to his one child. His mom has already passed, and her husband has now asked us to dissolve the trust because he wants to refi and buy out our portion. We're fine with that, but I'm not sure if we need to involve a lawyer? I'd rather not pay the $2k to a lawyer if we don't need to, so just wondering if anyone knows anything about this. Shouldn't his lawyer be able to handle the proceedings? Hate the idea of having four different lawyers involved.

[bigdaddybus]

"An irrevocable trust can't be modified or terminated without the permission of the beneficiary. The grantor, having transferred assets into the trust, effectively removes all of his rights of ownership to the assets and the trust."

I think you are going to need 2 things. All beneficiary's to agree to abolish the trust, and a lawyer to execute the work.

[HundredK]

"An irrevocable trust can't be modified or terminated without the permission of the beneficiary. The grantor, having transferred assets into the trust, effectively removes all of his rights of ownership to the assets and the trust."

I think you are going to need 2 things. All beneficiary's to agree to abolish the trust, and a lawyer to execute the work.

Right - we're all in agreement, no problem there. And I'm sure we need at least one lawyer. But if we're all in agreement, do we really each need a lawyer? Seems excessive.

[disneysteve]

Right - we're all in agreement, no problem there. And I'm sure we need at least one lawyer. But if we're all in agreement, do we really each need a lawyer? Seems excessive.

I don't see why one lawyer couldn't represent the beneficiaries as a group as long as everyone is in agreement. A problem could arise if one beneficiary decides to contest something, though.

[MonkeyMama]

I don't see why one lawyer couldn't represent the beneficiaries as a group as long as everyone is in agreement.

Agreed.

I would think that the trustee would need the most legal protection in a situation like this, if everything is on the up and up.

{In general, I wouldn't go cheap when it comes to legal expenses. I see way too many people go penny-wise pound-foolish when it comes to trusts. BUT, if there is no disagreements among parties in a transaction like this, save your money. One lawyer is fine}.