Sure it can be done. The 4 and 6 year old definitely need a properly fitted pfd they will wear all the time. Probably the 12 year old too, and everyone else is a good idea.
If you are new to sailing, your biggest worry is going to be man overboard recovery. If you practice good safety, there is no reason that anyone should fall in, particularly from a boat that size. However, should they fall in, you want to be very practiced at getting back for them. It requires practice.
Go enjoy. Great gift to the kids.
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In the harsh marine environment, something is always in need of repair. Margaritas fix everything.