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In this video tutorial from PDFRun, viewers learn how to create and fill out a Last Will and Testament, a legal document that specifies the distribution of properties and guardianship of children after one's death. The Last Will outlines assets and belongings and communicates final wishes to beneficiaries. To ensure its legality, the Testator must sign the document in the presence of witnesses and comply with state laws regarding documentation. Without a Last Will, the state will determine asset distribution and guardianship. The video emphasizes the importance of having a Last Will to avoid complications for loved ones.