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The HubSpot Templates tool is a valuable feature for streamlining communication and saving time. It allows users to create and access templates directly within HubSpot or Gmail, which helps eliminate repetitive email writing. In the tutorial, a contact record is used as an example to demonstrate how to utilize the Templates tool. As the user composes an email, they can easily access the Templates tab at the top of the interface, where various pre-set templates can be chosen or searched for. This functionality enhances efficiency in email communication within the HubSpot platform.