Then, when Guild Wars 2 arrives, each of these monuments will correspond to special features your Guild Wars 2 characters can "inherit" from your own legendary past, giving you access to exclusive titles, companions , weapons, attire, and miniatures. These inherited items are unique: there is no other way within Guild Wars 2 to acquire them.
— Official website
GW Wiki:-
This feature does not allow characters to be transferred between Guild Wars 1 and Guild Wars 2. However, it does allow character names to be reserved.
It does not support bulk transfer of armor, items, characters, or gold. However, acquiring select items in GW1 will confer benefits in GW2 via the Hall of Monuments.
Each of your GW1 characters has its own Hall of Monuments. However, the rewards will be "unlocked" account-wide and will transfer to your GW2 account, and it is possible to display all monuments attained on one account in GW1. Accomplishments dedicated in GW1's Hall of Monuments will continue to update your GW2 account even after GW2's release.