I live in a maybe a 50 year old house which has cracks in the corners and down the edges of the bedroom walls, just worried if there is Asbestos, can it be a health issue, like can the Asbestos fly out through the cracks? Just worried because my kids sleep in the room with the cracks.

you have no worries... patch the walls, prime and paint...

can't answer that without actually seeing it. i don't know what they used during that era in the area you live. i would call around and ask.

If the cracks are deep then yes asbestos if used in the buildings construction could potentially come through, If you fill in the hole's with filler or caulk you have nothing to worry about. If you are planning any major renovations like knocking down walls then consult an expert.