I like both games with inheritance and childs (CKII , the whole Guild series from "Die Fugger 2" onwards, even the Sims to some extent) and ones without (Skyrim, Civilization, Kenshi).
But given the character skill/level system with perks, the normal gameplay speed and the lack of 'social' character interaction, actual differential character for characters and a lot of place to develop inheritances - i don't think aging and children add much.
I'd like good clan system, with finding great people and getting them into a 'semi' family. Something like Robin Hoods merry bortherhood or whatever. But even for that the only thing we got so far a new arbitrary rules on what we can own.
To put it differently, the sims without the ability to design a house and actually impact the education of children is lacking. CKII or the Guild don't die by having a deeply conflicting character focusing levelling/skill system.
So far i'm all for them not only adding an option to stop aging, but actually abandon the whole idea, because they're currently trying to jump the horse the wrong way. They should rather concentrate on the 'to confusing and hard management' (don't remember their actual words on them scrapping village development) systems on diverse personality characters, actual character interactions, deeper politics with actual infleuncing abilities than what they have, before going for 'Generations'.
Maybe start with NPC armies not being always lead by sole nobles. Maybe by having every faction have 'Spymasters' (as in CKii) or such than just us with our companions....
Then again, maybe they've all that planned out and nearly finished and just bad luck has given me the idea that those systems aren't even planned out yet. It's early access after all and they said they've some system yet not implemented and said kingdom management was somewhat limited currently...