If I designed a universe, here's how I would handle death:
You can float around and observe the physical world, but you cannot interact with it or other ghosts in any way possible.
Unless, you choose to become the consciousness of a new life form.
However, you would lose your memories in the process.
So it is everlasting consciousness versus being reborn, both of which have their drawbacks.
On a real note, I do not believe in reincarnation.
However, I take comfort knowing that my atoms and accomplishments will live on.