Deed is currently in the name of the irrevocable trust?  If so, why not simply keep the trust (perhaps as the grantor intended)?  Would a new entity follow the grantor's original distribution provisions?  Will you have to pay a transfer tax if the deed is transferred to a new entity?

Ask legal counsel since you are really in the middle of a long-term, estate planning exercise for potentially multiple families (e.g., where the spouse of one sibling is never going to agree with the spouse of another).

Ah, the non-tax reasons associated with trusts.....those possibly BOI-exempt entities!!