Answer:
A mile from end to end, yet as close to as a friend. A precious commodity, freely given. Seen on the dead and on the living. Found on the rich, poor, short and tall, but shared among children most of all.
What looks back but cannot see?
When the son of the water returns to the parent, it dies. What is it?
What hangs others yet can unintentionally hang itself?
Always old, sometimes new. Never sad, sometimes blue. Never empty, sometimes full. Never pushes, always pulls.
What is the middle of water but is not an island?