I guess so.
Still no answer why not appoint a leader. You will still have your fond memories, but as Chassidim you will have a relevant leader in the next generation, dont you want your kids to have a real rebbe, not a great figure from the past?
A. Because we don't want a new leader, we want moshiach, and believe he will come every day as we are commanded to.
B. There is no Lubavitcher in the world who would accept upon himself to succeed the Rebbe.
C. The Rebbe became Rebbe only after a year of pleading from Chassidim worldwide. There is no popular demand for any person to become Rebbe today.
D. Even if such a person existed the vast majority would not accept him, thus rendering it pointless.
Anyway why does a leader have to be living? We have a leader, he left behind hundreds of seforim on nigleh and chassidus, along with instructions on how to be a good Jew and love your fellow jew, and how to make this world a dwelling place for Gd, at which point moshiach's promise to the Baal Shem Tov will come true.