If you are playing a single player game no, there is no option to drop nothing on death. Luckily there are now modlets out there that fix that. Here's one. There are more likely others. You can check in mod section...you be surprised what is there. You may find other ones you like. Make a Mods folder in your root 7 Days To Die folder and drop it in...that's it (after you unzip it of course )