You can also insert a link that creates a new, blank document when you click it. This can be useful when you’re building a set of documents.

Select the text you would like to turn into the hyperlink and then right-click.  Select the Hyperlink option on the pop-up menu.  Alternatively, you can click on the Insert tab and then the Hyperlink command.

Select Create New Document on the left and type the name that you want used for the new document.

Select whether you want to edit the new document later or right away. If you select the option to edit the new document now, Word creates and opens the new document will open immediately. 

Click OK when you are done.

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 Updating a Hyperlink