Greetings Brad:
Well, newly planted trees do require plenty of water. However, too much water can be just as detrimental to the young roots of these trees as too little water.
Supplemental watering should take place if Mother Nature is not adequately watering your trees for you - which is often the case with newly planted trees. It is also important to note that soil texture and drainage can also be a factor - trees planted in heavy clay soils tend to pond water in the previously excavated planting hole, thus starving the tree roots of needed oxygen (the result of which is often yellowing foliage or the tree dropping its foliage all together).
For tree watering guidelines, please refer to the following university Websites:
http://www.utextension.utk.edu/publications/spfiles/SP682.pdf
http://extension.missouri.edu/drought/waternewtrees.htm
http://www.extension.umn.edu/info-u/environment/BD556.html