I assume you were playing on hard or very hard difficulty which has a risk because you respawn with nothing

. It makes it a lot more difficult to get to your items in time upon death. If your are on normal I always set up my hot slots with the basics. Swords, pickaxes, shovels, torches, dirt blocks, health potions, foods, and a hammer.
I use the dirt blocks to my advantage to either block or avoid enemy mobs. Anything that could get me back down safe and fast.
It could be about 10 mins more or less, I think before your items despawn, so you don't have much time.
A couple things you could do that will make it faster and easier next time:
1. When I play on difficulties like that I set up a prep station first on normal. I put a chest with potions, tools, foods, weapons, dirt blocks, torches, and another pair of armor in it. Right next to that, I'll dig a fall shaft that goes straight down with a few turns in it so I could fall down quickly and stop. I put cotton blocks or a block of water on the bottom of every stop to break the fall so I don't receive fall damage. Make sure you light the fall shaft well with torches to try and keep mobs from falling on you.
2. Same thing as above but instead of a fall shaft it is one with a water block put at the top which runs all the way down to a stop section. This allows you to swim down instead of fall. With this one make sure you put air pockets on the right and left of the shaft. Each air pocket will have a torch in it to keep mobs from spawning.
Sorry for your losses. It's a risk and reward type of game.
Hope this helps.