This is a game, not real life.
And..
Wow, emotional and psychological attachment to your weapon or gear? If you have such fond memories of the gear that you worked so hard for, keep it. If you don't care, change it to materia and sell.
Seriously, it's not that hard.
Why just hand down weapons to a fellow player when you can help them earn the weapon for themself and allow them to create these fond memories. Chances are, that player is gonna ditch that weapon pretty soon anyway since you're helping them level easier by giving them a weapon they didn't work for.
