If you're level 1, your account will be automatically deleted in about 3 months, I think. If you're a higher level than that, your character will sit around waiting for you to come back... or someone to kill him.
If your character is deleted, or dies, you can always create a new one at a later date if you want. Or you can just come back and pick your current one up if it still exists.
"May the Grace of Ara go with you, and His Vengeance be wrought upon your enemies."