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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 that outlines the distribution of assets and guardianship of children after death. The Last Will specifies properties, personal belongings, and any final wishes for loved ones. To ensure its legality, the Testator must sign the document in the presence of witnesses and adhere to state laws regarding documentation. The video emphasizes the importance of having a Last Will, as dying without one means the state will determine asset distribution and guardianship, potentially leading to unwanted outcomes.