If you need to bring in investment or new people and give them options who has to agree to that dilution?
If in a few years there is a row in the family about who owns your late partner's share - are you ready to spend time and money to defend in court what you said to who at the funeral?
Again my condolences for the OP's loss. BUT Startup founders need to consider that today they are co-owners with their best friend - tomorrow they may be working with their friend's newly divorced and bitter wife, their useless kids or a slimey lawyer who is preying on their grieving parents.