For every quality, well-made object there is a point in its existence where it should be evaluated for a transition from usable item to heirloom --- if one chooses to structure their life to include the responsibility and obligation of caring for heirlooms.
I have a ceramic milk jug of my great-great-grandfather who was a Civil war veteran (alongside his son) which my daughter will take responsibility for when she gets her first home --- it may be that she will donate it to a library or museum --- her choice.
Similarly, I have thousands of books --- my will directs that any which my children do not wish to keep are to be taken to my memorial/funeral service and each person attending will be asked to take at least one, and to relate how they knew me and why they picked the book which they did. (A project for future me is to get acid-free bookplates w/ archival adhesive and apply them to all my books, or maybe I'll just print bookmarks on acid-free paper and put one in each book)
Unfortunately, none of the bikes which I had when I was younger survived/were kept (in particular, the Huffy Wind 15-speed had its frame bent on a rainy day because I was never taught to put your foot on the front wheel to slow down) --- currently have two, a folding Montague Swissbike and a Twicycle --- we'll see how they hold up and if I get a third (lusting for a Helix folding bike).
Lastly, while I don't have the exact bow (Bear Archery Little Bear) which I got for Christmas when I was 10, I bought one like to it for my son when he expressed an interest in archery, so at least he has that.