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In this tutorial by Joe from Prep Agent, he explains the concept of a trustee and its relevance, which varies by state. He emphasizes the importance of understanding the roles involved in trust deeds—specifically the trustor, trustee, and beneficiary. The trustor is someone, like a potential homebuyer, seeking a loan from a bank due to insufficient funds. Joe suggests checking local regulations to determine the necessity of understanding trustees in your state. Lastly, he underlines that recognizing these three parties is crucial for grasping the complexities of trust deeds.