here is the big issue that comes with generation-orientation.
Guy at max level 100 pops in and kills all bosses in one shot, kills other players, general ass-hat. Ruins game for everyone.
VS.
Guy at max level 20 dies of old age. His teen is now his new hero at level 1. He gets to keep a select few quest-earned items, as well as 50% of his $. If he has multiple siblings, the $ is split between them (for role-playability).