My son and I created a world, played split screen for a few hours or so. We saved the world each had beds to sleep in. I have played along on the same world since then. Today he joined in again with me and was spawned in at original spawn with nothin in inventory. Before we left he removed all of his inventory including armor, we both slept in beds and exited and saved through menu. To see if it did it again we joined back in the game, he had everything from the first save and it doubled his inventory and armor.