Thanks, everybody, for your input into this matter.

I know it's a bit late but I was busy putting into action what has been suggested here, as well as with a friend of mine who just happened to start processing trust returns for his firm this year and gave me a bit better an idea of what to expect.

Anyway, it turns out that I have a "COMPLEX" trust and not a grantor trust, despite the relative simplicity of the terms. Apparently "complex" is a form of tax management and not a testament to any background bickering over the document itself, but there it is.

Turbo Tax Commercial allowed me to plug in all the information I needed to prepare the return for the trust, and the tax manuals associated with the software allowed me to determine how the trust is taxed on any undistributed gains.

Since this past year was a "short year" as the trust was established in 2010, the filing was straightforward, but going forward, I will have to be hawkish about the financial dealings I make on behalf of the trust and the trustees, while Turbo Tax spits out the necessary forms to file.

Once again, thank you all for your assistance. You saved me from near crisis.