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In the video, Paul discusses the risks of making handwritten changes to an existing last will and testament. He highlights that many individuals, after some time, may wish to alter their wills due to changing circumstances. Common scenarios include changing executors when a previously named person becomes unsuitable or modifying bequests, such as reducing a monetary gift to a beneficiary. Paul emphasizes the potential legal complications that can arise from these alterations, noting that simply crossing out provisions or writing changes in pencil or pen can lead to disputes or invalidate the will. It’s crucial to formally amend a will to ensure its validity and clarity.