When you die, a death marker will appear on your map. Everything in your inventory will be in a capsule for recovery. As far as i know, near infinite time to recover. You need to consider that if you had a full inventory when you died, you will have a storage issue if you bring ANYTHING with you, including equipped armor and weapons.

A death in a terrible area on the map and the road to recover it is the big rite of passage for Valheim.