
One solution for your family across all your devices. With Office 365 Family, you and your family get Word, Excel, PowerPoint, Outlook, and more. Work anywhere with apps that are always updated with the latest features. 12-month automatically renewing subscription for up to 6 people including 1TB OneDrive cloud storage for each person. 
Q: After the year is up, do I have to renew or will the program continue to work?
A: it will not work after it expires. some people try to back date your computer's date and leaving it unplugged/disconnected from internet to fool the program but program periodically checks for license validation online and will stop working if you are not connected online.
A: Yes, it will need to be uninstalled; however, MO2007 will be keeped in your Microsoft Office Account for future re-installation.
Q: Do you get the key for the software immediately or is the card mailed to you with it?
A: Depends on how you purchased it. I purchased mine at Best Buy and it had the product key code in the packaging. However there is no software it is all strictly download, which I did not like. I like to have a physical copy incase something goes wrong.
A: No they do not need to be in the same household.
A: Yes. Publisher and Access are included.
Q: I don't want to store any information on the cloud. Can it store all work on my desk top?
A: Yes you can store on the desktop or where ever you select on your hard drive. Of course, you have the added option of saving to the cloud. I save all of my documents on the hard drive as my personal preference. If I want to back up then I put it to the cloud.
A: I also had to cancel the individual subscription then purchase the family plan. Apparently there is no way to switch or upgrade from single to family plans. I received a refund for the unused months of the single version, received it quickly, without a hassle and via the same method that I was paying for the annual subscription. No problems, no issues.
A: No, your existing work will not be lost.