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In this video, estate planning attorney Paul Rabalai explains the distinction between a living will and a last will. He clarifies that many people conflate estate planning with simply creating a will, but estate planning encompasses a broader strategy focused on identifying and protecting what is most important to you and your loved ones. Rabalai emphasizes the importance of understanding these terms correctly, noting common misconceptions, such as individuals wrongly referring to a living will when they mean to ensure their property, like a house, is inherited by a family member. The video aims to educate viewers on these essential estate planning concepts.