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The video tutorial from PDFRun explains how to create and fill out a Last Will and Testament, a legal document detailing the distribution of your assets and the guardianship of your children after your death. It emphasizes the importance of outlining your properties and final wishes for beneficiaries. To make the will legally binding, it must be signed by you, the Testator, in the presence of witnesses and comply with state laws. If you pass away without a will, the state will decide the distribution of your assets and potential guardianship, highlighting the necessity of having a will in place.