You family will still get a part of what you earned thru inheritance. What else is needed??
Does the publisher owe anything to the author’s estate? Can another publisher immediately issue their own edition because it’s now in the public domain?
We want people to be wealthy roughly in proportion to how much they contributed to the economy. The author's heirs can go stand on their own two feet.
Life + 70 is about making it attractive to big firms or other organisations to buy the rights to copyright; it removes the risk of the author dying suddenly. The idea is still absurd, as classics that should be generally available are still under this bizarre lock & key system. Tolkien only died in 1970; his legacy should be part of the public system by now. 1970 was a different time and era. Good stories are dying die because nobody can print mass copies of them.
If you want to stop inter generational wealth transfer, work to limit that directly. This is just moving the profits away from an individual (the author) to a corporation (the publisher).
There is a reason my fiction bookshelf is 60% 1700s/1800s classics like Wilde or or Austin instead of authors I prefer like Tolkien or Mervyn Peake. Books out of copyright are cheaper (less margin to be extracted) and more easily available from a local bookshop, so I've bought more of them over the years.
(Not advocating for this per se, just pointing out copyright expiration doens't necessarily transfer wealth to the publisher)
Who is we, may I ask?
Why not ~20 years of rights to it like patents? Does the family really deserve to enjoy sole rights to someone else's idea for 70 years?