This is simply the character creation process again. You can as before go one of three routes with the soul, search for a family that matches your requirements, choose a Ward of the state that has more customisation, or pick a Non-traditional Character (perhaps your heir or a child of a friend) to move your soul into.
There is more about character creation here: Design Journal 5 Families & Family Selection [Note: The images are not current and there is some newer mechanics, such as story points, that are not mentioned but it gives you a general idea about making your next character.]
And a video about a later version here that shows some of the parts like picking a birth date: Youtube
Exactly what information is given to what extent is not completely confirmed yet. But we do know you certainly will not see anything about talents, these are now linked to your character and you will not know if you have the chance to unlock it or not until it happens...or you may never know you had the chance.