If I execute a deed of trust do I need to do a closing or do I wait until the last payment is made. Also, do I need a mortgage or promisory note to go with it.

The deed of trust takes the place of the mortgage, but you should include a promissory note. Basically a deed of trust conveys title to a third party who is responsible for reconveying the property when the loan is paid in full. This site might help:

Deed of Trust - What is a Trust Deed? - Who is the Trustee? (http://homebuying.about.com/od/marketfactstrends/qt/111307_DofTrust.htm)