Knowing which species of wasp you have would be most helpful. Some are more aggressive than others. There are several docile species of wasp and a few aggressive species. In many species the young are fed small caterpillars or spiders. And some wasps are good pollinators. The fall is the worst time for wasps to become aggressive. The young females are protein hungry, building up reserves so they survive hibernation. Wasp colonies last only one year. The old ones die off with the first hard freeze leaving only young, fertilized females which must survive the winter to form new colonies in the spring. Some wasps are solitary, living alone and producing only a few young. Some of those look pretty nasty but are among the least aggressive wasps. The colony nesting wasps are the most aggressive of the family. And even then, mostly only when the colony is disturbed.
If you see a nest, most definitely keep the kids away from it. Teach them not to disturb the nest. And teach them not to catch wasps in their hands. You will get stung that way.
I don't mess with my wasps unless it's a colony species that is in a seriously inconvenient location or they show signs of extreme nest protection. Last summer I had a colony of yellow jackets under the deck. They didn't bother anyone. But a few years before we had a ground nest of wasps in the back yard. That one had to be eliminated.