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In this video tutorial from PDFRun, viewers are guided on creating and filling out a Last Will and Testament, a legal document that specifies the distribution of assets and guardianship of children after death. The will outlines personal belongings, real estate, and details final wishes for loved ones. To make the will legally binding, it must be signed by the Testator in the presence of witnesses and comply with state laws. If someone dies without this document, the state decides how assets are distributed and guardianship matters, highlighting the importance of having a Last Will and Testament in place.