We did this for the first 13months and it certainly didn't have to go to court. Because it was so near the birth ,social services and health visitors knew about it but were very happy and never followed it up. In fact they have never queried about if they ever went back ! I know of several grandparents who have taken over this role and there has never been an official problem. So long as the nursery or school know you are the official carer there should be no problem.
I don't know about the financial aspect as we never claimed. Whether my daughter still got the money I can't remember. Good luck on what should be the beginning of a very happy time for your household.
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