I would be more concerned about my trailer, a properly balanced trailer at the weight you'd be working with isn't very difficult to tow. A few things to consider about your trailer... What weight axles are you working with? I personally wouldn't go less than 5200's (Dual axles obviously) anything less and as you turn the trailer you could be putting too much of a load on one side of the trailer. The 5200's bearings are literally twice the size, so when you get that weight shift they are much more suited to handle the load.
Also take into consideration the distribution of the load throughout the trailer. When you balance out the trailer, you are going to want a good 10% of loaded trailer weight of downward force on the tongue.
With your trailer properly balanced, you are taking considerable stress off your vehicle... With that being said I wouldn't necessarily haul around 500 gallons of water everywhere, but when you need it you will be able to handle it.