The same way you would in previous versions of OS X. Assuming you have Mac Word installed, the template can be opened from within Word, edited, and saved again as a template from the Word drop down menu. As far as any management is concerned, Mac Word will place all your personal templates in a separate folder different from the included templates.
Thanks, but what I would like to do is delete or rename some templates. In Lion I could access the directory by using the alternate key, but that does not seem to work in Yosemite.
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