We've just been through this ourselves lol...

Just sticking to the issue of the bank accounts - make sure it's 'in trust' - found that out the hardway.... But turned out to be for the best!

DH's mum set up a accounts for both kids with a photo copy of the birth certificate - it didn't really bother me too much, I just thought it was good that the kids would have more dollars to their name. It doesn't inhibit us also putting away for the kids too...