This is basically a shield designer only. It will let you change names of children and most grandchildren, but if you have a long reigning character and/or there is even a moderate 'shift' in your line of succession due to early deaths, you will find yourself constantly playing characters with those awful computer generated names. There is also no way to alter the name of your starting character or his/her child.
You can change city, castle, county etc names but only o the map - message boxes for those areas will still use the original name (e.g. you change the county of Chester to Boogieland, you will get a message that says 'Viking raiders have attacked Chester", Earl Bob has inherited Chester from Dave etc etc)
Shield design works and is super....but has 0 impact on game and you don't even notice the tiny shield 99% of the time.
I suggest you use the money to buy a Starbucks coffee instead as it represents better value.