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You claim that income-bearing instruments are not inheritable, when clearly they are. There's quite a bit of latitude in what is inheritable.
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I did not say income bearing instruments are not inheritable. I did question whether copyright should be seen in such a light.
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All of Shakespeare's works are in the public domain. This allows anyone to use it as a resource, without concerns over licensing or permission.
A theater group can perform "Macbeth" at no cost; they can set it in Mughal India if they like; Tom Stoppard can write "Rosencrantz and Guildenstern Are Dead" without getting sued.
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And they would pay a royalty and perform it anyway if the work was popular and not in public domain. Same goes for referencing a work in a book.
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Issues with orphaned works (e.g. copyright is still in force, but the rights holder cannot be determined or located) also get resolved by works going into public domain.
The idea is that you balance out the benefits of copyright protection against the benefits of public domain, by offering copyright for a limited term.
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If the heirs see such an eventuality, they are free to sell off their rights. If no heirs exist, a time limit for claiming rights should exist. After that, there are no options left...