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A QPRT is irrevocable. Therefore, the Grantor does not have the
power to amend or revoke the QPRT after it is created - or even
change the beneficiaries. The Grantor, however, retains the unrestricted
right to use the residence during the trust term and has sole responsibility
for payment of its expenses. The Grantor may also instruct the QPRT
trustees to sell the residence at any time during the trust term
and reinvest the proceeds in a new residence. However, the replacement
residence must be purchased within two years from the sale and must
be held in the QPRT.
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