At the moment your life goes to 0, you are out of the game. Remove your character. Objects you were carrying are left in that space for others to pick up. If you take a foe’s last point of life, you get all their cards except for the Object cards, but you must discard down to seven before you continue your turn.

If you die while performing an action that would normally win the game, you die first, and you are eliminated. For instance, if you cast a Wall of Water whose effects kill both you and another player, you cannot win, even if technically the water slammed you against the wall first. If there were only two players left in this situation, the other player wins.