One of my friends at the University of Southampton recently posted a link, ironically on his facebook page, about what should happen to an individual's personal data stored on facebook once they have died. This is discussed below:
http://www.bbc.co.uk/news/magazine-16801154

It is always tough for the loved ones who are left behind when someone dies and seeing notifications about them throughout the grieving process cannot be good for the overall healing. In the video, the main issue is that of choice. The grieving relatives seemingly want to be able to choose when they look back at their relative's life, but are unable to do so if their notifications are filled with messages from others on the wall of the deceased. They would log on to facebook on a normal day and be reminded of what they have lost.

There is clearly emotional weight behind following Oklahoma and deciding to give access of the account to the personal representative of the deceased, which will invariably lead to the account being shut down. However, it would raise quite delicate questions on who owns the data. When signing up to facebook, you must agree that all data belongs to facebook and, as a result, there could be every chance that the powers that be at facebook may deem an individual's account too valuable to close.

Also, as shown in the video, above, many of the deceased girl's friends posted their thoughts on missing her even two years after her death. Would removing the account, therefore, be accepting some people's wishes at the expense of another's. What if the deceased had two children, for example, and one child wanted to post every week on their father's wall to find some way of remembering the man, whilst the other child wants the account removed immediately? This would pose serious problems and further upset for the already grieving children.

This question, in my mind does not have an incorrect answer, both sides can be argued cogently. This is a very difficult problem, and the solution should be with great care. My suggestion is that it be decided on a case to case basis, as the circumstances will vary greatly and need to be discussed by those involved.