Sub Macro1()
'Graham Mayor - https://www.gmayor.com - Last updated - 04 Jan 2022
Dim sLink As String
Dim oLink As Hyperlink
Dim oPara As Paragraph
Dim oRng As Range
Dim FSO As Object
    Set FSO = CreateObject("Scripting.FileSystemObject")
    For Each oPara In Selection.Paragraphs
        Set oRng = oPara.Range
        oRng.End = oRng.End - 1
        If FSO.FolderExists(oRng.Text) Then
            Set oLink = Selection.Hyperlinks.Add(Anchor:=oRng, _
                                                      Address:=oRng.Text, _
                                                      ScreenTip:="Click to select the linked folder", _
                                                      TextToDisplay:=oRng.Text)
        Else
            oRng.Font.ColorIndex = wdRed
        End If
    Next oPara
lbl_Exit:
    Set oLink = Nothing
    Set oRng = Nothing
    Set oPara = Nothing
    Exit Sub
End Sub