IPA: /ˈɛəˌluːm/
KK: /ˈɛrˌlum/
A valuable item or possession that is passed down from one generation to another in a family.
The necklace she wore was a family heirloom that had been in her family for over a century.
Heirloom → It is formed from "heir" (from Old French *eir*, meaning one who inherits) and "loom" (from Old English *loma*, meaning a tool or implement). An heirloom is a valuable object that is passed down through generations, signifying inheritance.
Think of someone who 'inherits' ('heir') a special 'tool' or 'object' ('loom') that has been passed down, which helps you remember that an heirloom is something valuable passed through generations.
No commonly confused words.