bestow
To give an important honor, title, or special gift.
To bestow something means to give it formally or ceremoniously, especially when the gift is an honor, title, or special privilege. When a queen bestows a knighthood on someone, she's granting them a title and recognition in a formal ceremony that transforms their social standing. When a university bestows an honorary degree on a scientist, it's publicly honoring that person's achievements.
The word carries a sense of importance and intentionality. You wouldn't say someone bestowed a pencil on you, but you might say a generous donor bestowed a million-dollar gift to build a new library. Parents might bestow a family name on their newborn child, or a grateful nation might bestow a medal on a hero.
Notice that bestow usually flows from someone with authority or respect toward someone being honored. A teacher might bestow praise on a hardworking student, or a coach might bestow the team captaincy on a dedicated player. The word suggests that what's being given has real value and meaning, not just to the receiver, but to everyone watching.