Not really. You cannot leave your account to your kids, that goes against account sharing rules, even if you're dead. Unless you manage to hide it well enough that no one ever suspects that someone else is playing in your stead.
Also real-life wills might not be legally binding for in-game assets like factions, and even if they were it is logistically very difficult to ensure that right line of succession is followed.
When you die, you'll go inactive, and then starts a 30 day timer after which the member who has the most days in the faction gets the faction. I imagine it would be very difficult to get lawyers to send a notice to Torn, communicate back and forth with the admins and ensure the faction goes to your heir within those 30 days. Once the leadership changes, Torn staff cannot enforce your will on it any longer as it is the property of the new leader by Torn rules.
Maybe Torn should introduce a feature which allows a faction leader to name their heir rather than it just going to the next longest serving member.
Edit: I misread the question and went off on a tangent lol.