Now, when you buy an heirloom or when you log in for the first time on your character that has heirlooms equipped/in bags/ in personal bank, the Heirlooms will get put into an Account-Bound page just like Mounts. Using Default Commands, use Shift + P, and there will now be an Heirloom tab on the bottom.
Such a wonderful thing.
The heirloom tab will allow you to "Create" that heirloom. Upgrades are permanent. So if Char B upgrades an Heirloom from (Lvl 1 - 60) to (Lvl 1-90) then that Item will always be (Lvl 1-90) when you create it.
I have not tested it, but I believe the main downsides to this otherwise brilliant change is that you will have to Re-Enchant / Transmog(can u do this yet?) the Heirloom each time you "Create" it.