Anyone who uses Steam quite frequently will be familiar with the system that is already in place to allow users to share games and their library with other Steam users. It's quite a rudimentary system right now, which is no doubt why Valve has overhauled the system and laid out plans for a new Families feature.
The system is currently in its beta phase, but will likely be set to debut sooner rather than later. It will allow users to create a Family of up to six members, and then allow family members to share selected games between each other. Users will only be able to play a game that another member isn't playing, unless there are multiple owned copies in the family, and likewise to protect youngsters from mature content, parental control features are in place, which can also be used to limit screen time. There are also Child Purchase Requests systems meaning your kids won't be emptying your bank account on microtransactions or new games.
Anyone can join a family but Valve is set to monitor it to prevent people from abusing the system. Likewise, if you end up being naughty, you can be kicked out of a family, so beware. Plus, if someone gets caught cheating in a shared game, the owner of said game will be banned, so be cautious with what you share and to whom you share it.
You can join the beta version of this new Steam Families today by activating it in the Steam Client Beta Participation section in the settings.