Liner locks should last indefinitely. The steel spring will not fatigue over time in quality knives and they should last longer than you, so you can easily pass them on to your kids. I wouldn't use a liner lock as a self defense or "tactical" knife unless it had a LAWKS system, but they're great for general tasks like opening packages. Your better liner locks will have very strong tempered liner locking springs; but I just don't trust any liner lock unless I can see them pass rigorous tests like those conducted by Cold Steel. I know such springs will take considerable pressure before failing. I just don't know how much pressure that is.
I had someone at Cold Steel tell me that they test competitor's knives and that liner locks have a high failure rate, even with quality knives. I have no reason to think they were lying. Although LAWKS is a good system to have on a liner lock, I was surprised to hear that some people did have failures where the liner spring was forced up the blade's locking ramp and into the recess between the blade and the frame. I've seen photos of such failures and I was amazed. The springs in all of the knives had been sprung, and I suspect part of the problem is the steel CRKT uses in their liners. Better quality knives use titanium and much better steels with better heat treatment. I still love my M21-04 and would trust it for self defense, but I wouldn't use it for heavier uses.