Inheritance, Heirlooms, and Hobbits

We're starting a new season and a new series, looking at all things "handed down." How do heirlooms, heritage, inheritance (and the like) play into Tolkien's world (and specifically into his stories)? We start out this week looking at the Hobbits and all of the things Bilbo hands down to Frodo (his home, his ring, his adventuring gear, and also his 'Tookish' adventuring spirit).