Like a lot of you, I have a list (spreadsheet) showing what I have and where it came from and what I gave for it. I also have a column as to which of my children get what. I don't want them to have to make that decision.
My father-in-law started to give my children a firearm when they turned 16yo. He passed away after 2 of them received their present from grandpa. No one had any idea what he owned or where it was in his house. When we went through the house we found a loaded pistol under the mattress. A loaded .22 in the upstairs bedroom. Some boxes of shells that we never did find a firearm that they fit. We even found a WW II grenade, which we had the local bomb squad check out. The powder and primer had been removed and it was reassembled. They only let us keep it if we drilled a hole in it. But we did find enough firearms so that each of the grandchildren got one. All were given with a couple of restrictions. First, they had to be used with adult supervision until they were old enough. Second, they had to stay in the family. If they didn't want it or felt that they needed some money for it, they had to first offer it to me or one of their siblings. Then if no one wanted it, they were free to do what they wanted with it.
Probably half the guns I have stored at my place belong to the kids. My wife knows where the list is kept (in the gun safe) and the kids know of it's existence.
I agree, take the time and make some provision for these items to be handed down. It isn't really the item that is important, but the times that they represent and the memories they will bring back.. I remember the times I went shooting with my dad's old single shot .22 along the river bank.