At my school, during the last month we hold Senior Wills where the seniors "will" away their stuff to the younger girls. Usually there is a funny story to be told with each will about why someone is getting what they're getting. People even will away non-AXO stuff like framed pictures, cups and anything else that they've been holding onto for 4 years but don't feel like keeping. We have a few "legacy" items which are things that have been passed down from the first pledge class and are really ugly, but it's too funny to stop passing them.
All of the other sororities and fraternities hold wills also. It is looked forward to all year!