Sucks to be you…
A hallmark of old school D&D is that characters die. A lot, sometimes. The early editions don't turn you into superhumans at level 1 (or 10), so you're going to be fragile and the world is a shitty, stinking, deadly place and it's probably going to catch up with you at some point.
So here's the deal. XP and levels are basically exponential. That means that if you die at level 7, by the time everyone else hits level 8 or 9 your new character has caught back up. Remember, it's all GP = XP and since there's no feats or crazy skill levels, there's not that much to catch up with anyway. It'll be fine, I promise.
You can name an heir. Could be a sibling or a cousin or a kid or maybe just a trusted henchman. They're entitled to your shit, if any's left. Death Gelatinous Cube make for poor inheritance. That heir doesn't get XP of what they receive – they just get the stuff.
Encumbrance rules means it might be tough to get your stuff back. You can hope the others would drag your shit back to town (with the expectation that you'd do it for them when they kick the bucket). If you fall off the Endless Cliff of Yorling…well…nobody's retrieving your shit. Tough break, old son.