The Fifth Amendment prohibits government authority abuse, guarantees due process rights, and protects against self-incrimination and Double Jeopardy.
This is important today for several purposes:
The government cannot unlawfully abuse a citizen. The Due Process rights guarantee fair treatment through the judicial system. Many citizens also would unintentionally self-incriminate themselves, which meant that they admitted to a crime that they did not commit. The 5th Amendment protects against this. Lastly, Double Jeopardy makes it illegal to try a person twice for the same crime. If a person is ruled to be innocent or guilty, he/she cannot be retried for the same crime.