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In this video tutorial by PDFRun, viewers learn how to create and complete a Last Will and Testament, a legal document outlining the distribution of assets and guardianship of children after one's death. The Will specifies how properties and belongings will be allocated to beneficiaries and permits individuals to convey final wishes to loved ones. To ensure legality, the Testator must sign the document with witnesses and adhere to state laws. The video emphasizes that without a Last Will, the state will determine asset distribution and guardianship, which may not align with the individual's preferences.