The question is, do you want to share books with them or not? If yes, then you would need to keep the kobo readers on your account. I tried to set up a kobo account for my mom on a kobo that had been on my account, and the software got all screwy when it recognized two IDs on one device. It turns out my mother has a phobia of loading books onto the kobo herself and so is quite happy to leave the kobo registered to me. I take it once a month or so, load up a bunch of stuff and then give it back :-)
So, if your kids want to read only books from your account, keep it on there. Otherwise set up their own accounts and load them up with a gift card.
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