A family of Microsoft word processing software products for creating web, email, and print documents.
If the subscription is Microsoft 365 Family, you can share it with another e-mail address (family member) and then let your children use it. That way, you make sure to keep files separate. See https://support.microsoft.com/en-us/office/share-your-microsoft-365-family-or-premium-subscription-b389b9ce-3ae3-4a82-9017-39d79972fcba . Note that this won't work if you have a 365 Personal subscription.