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Joe from Prep Agent discusses the concept of a trustee, emphasizing that its relevance varies by state, so it's important to check local regulations. He simplifies the topic using a relatable example. In a trust deed, there are three key parties: the trustor, the trustee, and the beneficiary. The trustor is an individual seeking to buy a house but lacks sufficient funds. They turn to a bank for a loan. This foundational understanding of the roles within a trust deed is crucial, and knowing these parties is the main takeaway from the discussion.