I have 4 sons, and they are already divvying up my stuff! The oldest is 10, the youngest 2. Really, my 5yr old is showing the most interest, and always asks if he can have whatever cool thing I'm playing with at the moment, when he is "grownup"
The ones that will probably have the most meaning to me are my Microtech LCC D/A (I'd love to have pearl handle slabs added), Kershaw Tyrade Ti/CF, and my William Henry Gentac Ironwood. Those will probably be the ones they end up fighting over.
My dad never really had a favorite knife of his own, and would use whatever he happened to find. I don't think he ever bought his own knife, but would find them on the work-site fairly often. They are all either broken, rusted or lost. My mom inherited a small puma folder with gold handles from her dad from when he retired, and I'm sure that one will pass on to me, then from me to my oldest. It really looks like the knife legacy will begin with me, though.
Daniel