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In this video, Joe from Prep Agent explains the concept of a trustee and its varying relevance across states. He emphasizes the necessity of knowing about trustees depending on local laws. Joe outlines the three essential parties involved in a trust deed: the trustor, trustee, and beneficiary. The trustor seeks to buy a house but lacks sufficient funds, prompting them to approach a bank for a loan. By highlighting these roles, Joe aims to provide a foundational understanding of trust deeds and their components for his audience.