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In this video tutorial by 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 Will details the Testator's assets, belongings, and final wishes for beneficiaries. To ensure its legality, the document must be signed by the Testator in the presence of witnesses and comply with state laws. Without a Last Will, the state decides the distribution of assets and guardianship, making it crucial to have this document in place.