Firstly, is that worse than letting individual scammers prey on the elderly which is what is happening now? Authorities already can't keep up with finding and prosecuting each of these individual cases. For an institution, there's at least some small hope of scrutiny and eventual accountability for crimes.
Secondly, there can be institutions that are trustworthy enough. There are nationwide scale banks in the US that I could name that have an unsavory past reputation but there are also ones I could name that don't. It's not impossible to make an end of life management business that the public can feel safe in hiring.
I am simply pointing out a risk. Everything you do to make things better can be corrupted, and you need to take enormous steps in advance to counteract that.
Secondly, there can be institutions that are trustworthy enough. There are nationwide scale banks in the US that I could name that have an unsavory past reputation but there are also ones I could name that don't. It's not impossible to make an end of life management business that the public can feel safe in hiring.