1. It is now a irrevocable trust. While your father was alive, the trust was revocable, meaning he could dissolve it at any time. With a revocable trust, the income etc. is reported on the grantor's individual tax return. At his passing (and condolences, the trusts became irrevocable and so they are separate and independent.
2. Your father is the grantor, because he established the trust.
3. Your father would still be the owner, as grantor; but as trustee you now have a duty to maintain and follow his wishes. If you do not want to do so, you must disclaim. (but in self-interest, check the documents to make sure what happens)
4. Your children are beneficiaries and as trustee you have a fiduciary duty to them and they will succeed you in interest.
5. With trust documents, they are only as effective as the writer, reader and interpreter. If you cannot understand any specific part, ask for help- even have another set of eyes look at them.
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