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The video discusses the risks of making informal changes to an existing will instead of creating a new one. Paul Ramble emphasizes the common situation where individuals want to update their wills due to changing circumstances, such as changing an executor or adjusting bequests. He warns against crossing out parts of the will and writing in new provisions, whether in pen or pencil, as this can lead to confusion and potential legal disputes. For instance, if someone changes the executor or alters the amount left to a beneficiary by simply crossing out and rewriting, such alterations may not be legally valid, potentially undermining the intent of the will. Properly revising a will is crucial to ensure its validity.