I have a family subscription for me and my wife and my mom. Because my wife and I share passwords that I do not want to share with my mom (bank accounts, etc.), I don’t use the default Shared vault that everyone has access to. Instead I set up a new Dom and Melanie vault, which has our shared information. So I have my own vault, my wife Melanie has hers, our Dom and Melanie vault, my mom has a vault, and then there’s the empty default shared vault.
When my kids get old enough (not quite ready for the internet yet), I’ll set up vaults for them as well and teach them good password security.