For grieving people, it is something to prepare for. My original post on grieving people and Timeline is HERE.
You should realize that everyone will be able to peruse your Facebook history all the way to the beginning with a slider and a few clicks. Previously, there was no practical way to view your older activity on Facebook.
You only have seven days to make any changes to your Timeline before it becomes your default profile.
There are a few specific ways to work with Timeline related to old posts once you have converted to the Timeline system...
To see what your profile will look like to "non-friends", click the cog icon and choose "View As..." from the drop down menu. This will reveal you how your profile looks to the public. You can also enter the name of any of your Facebook friends at the top of the page to see exactly what they'll see on your Timeline. You can hide all posts or selected ones.
If you want to get rid of anything, go to the post on Timeline and hover over its top right corner. Click the pencil icon and select "Hide from Timeline."
But you should make good choices for yourself and your loved ones about your narrative as it is shown on Timeline. Everyone has a specific set of circumstances and one size does not fit all.
A very useful general article was written by Ian Paul in PCWorld on Dec 16, 2011 to help you prepare for Timeline. HERE is the full article.