Multani's Presence and Last Word

[Zhalfirin]

Note: Bob has Multani's presence in play.

Alice plays Yawgmoth's Will.
Bob plays Last Word, targeting Yawgmoth's Will.
Alice plays Misdirection, targeting Last Word.
Misdirection resolves, changing Last Word's target to Misdirection.

Now what happens?  Does Last Word get countered, due to having no more legal targets (though Last Word can't be countered)?  Does Bob draw a card from Multani's presence?

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On another note: How many other ways can one "deal" with Last Word?  So far, I can think of:

Deflection (+ all other spells that change a spell's target)
Ertai's Meddling
Anything else???

[Jacob Orlove]

[card]Last Word[/card]
"by spells or abilities". The game rules are neither a spell nor an ability, so they will counter it if it has no legal target.

[Zhalfirin]

Doh, don't I feel stupid.  I really should learn to read.  I'm sure I'll learn one day.

So it seems that Bob will draw a card.

Any takers on other ways to deal with Last Word?

[Toad]

Correct, Bob will draw a card from Multani's Presence.

* Will trigger when a spell is countered due to all of its targets being illegal.

[rvs]

Divert is an option.