yes that is the idea behind the family system and children. Is so that you can inhabit your children in the next life (or your designated heir)
so that property can be transferred to your heir. as well as have a feel of continuation to your play.
it does require you to have had children, or someone else in your family to have children which you have the NPC code for.
EDITl Well not on the family crest bonuses idea. but on the transfer of wealth and your children is a major core component of the family system.