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Joe from Prep Agent explains the concept of a trustee, emphasizing its varying relevance across different states. For those who need to understand it, he simplifies the information using a real-life example. He highlights that trust deeds involve three parties: the trustor, trustee, and beneficiary, which are essential to grasp. The trustor is essentially a person seeking to purchase property but lacking sufficient funds, prompting them to seek a loan from a bank. This foundational understanding of the roles involved is crucial for anyone navigating trusteeships in real estate.