sadly i recently died... but what does this mean in World 5?
well you still get the change / tradition (25% - 75%) of your stats and attributes and LP spent on skills
you also get 100% of all unspent LP (at least i did)
the very sad thing is you do not get LP from discovering items as you did with the first character (this is because some players were farming out the basic items then dying and inheriting, over and over, this resulted in mass amounts of LP after tens of deaths... so they fixed it to prevent unfairness)
this means farming out cone cows when you spawn is the only way of getting LP unless you've previously saved up curios at ur base.
luckely i have a friend who can craft me some and help me get some ants and other stuff but this is not fun...