This is a cumulative trophy tied to dying, and two other trophies. Thus, the trophy description will be tied to the same information.
When you suffer a Game Over, in the case of this game, you're simply ported back to the last save point you actually saved at. You retain all of your Collectibles gathered at that point (some exceptions noted in Key Items) as well as your amount of Usable Items will remain the same as before you died (so if you used a Paper Airplane and died before recollecting it, you'll be without that one). Don't be afraid to die a few times, as the game doesn't enforce much of a penalty other than Usable Items, and sometimes it's easier to do that than walk back to the save.