Steam Family Sharing and Steam Family View have been around for a long time but today, both features have been replaced by Steam Family. It's available now in the Steam Beta Client which the primary user can manage which games his or her family can access and play.
Like most family plans, you can add up to five family members on the official PC Steam client, mobile device or web browser. Joining the Steam Family will gain access to shareable games that your family members own and in your library too. As a primary user, you will maintain ownership of your current titles and when purchasing a new game.
Playing a game from your family library will earn your own Steam achievements, access to workshop files and more. Furthermore, you can also play games from other family members' libraries, even if they are playing another game. Moreover, you will have to access Parental Controls to set limits on what your children can play or buy. You can even monitor or set their playtime, and recover a password if they can't remember.
Do note that only selected games are eligible for Family Sharing so not all games are available. If you do want to try out the Steam Family feature, you will have to go to your Settings > Interface > Client Beta Participation > Select Steam Family. To read more about the new feature, you can visit the FAQ section at the bottom of the page right over here.
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