Individual to Family Plan for Apple Music
If I want to switch from my individual Apple Music plan to a Family Plan, will my current music and playlists be deleted? Or will they carry over?
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If you are the organizer, then you can change the subscription type to Family in the subscription settings. Additionally, you can set up the Family Sharing group and invite the group members, using their Apple IDs. See the Family Sharing support documents referenced above for details.
Your subscription type would change immediately.
Any previous Apple Music subscription for the other group members will be canceled automatically (but will expire no sooner than at the end of their current billing cycle).