Both business entities and individuals can act as trustees as long as it is permitted by state laws. Usually, they are chosen by a lender, but in many cases, attorneys who draft the document simply specify the name of a title company to hold legal title to the property in question. Among business entities, other options are trust companies, escrow agencies, or insurance enterprises. The choice of individuals who can serve as a neutral third party to hold a security interest in property includes attorneys, real estate brokers, or bank employees.