Moving to a different Apple ID - help/advice needed

Currently, I have an iPhone 5 tied to my Dad's Apple ID. It syncs to a computer (not iCloud), and the music is a mixture of iTunes bought and CD imported. The apps have been purchased on that Apple ID.

Sometime soon I'd like to move to my own Apple ID, and switch to iCloud backup. How will this work? Will the apps and music continue to work/play after I switch over in settings? Will I have to re-purchase everything? If so, what will the experience be like (will I have to reset my iPhone)?

I've searched online but I haven't got any useful answers. If you can help, please do.