Hireling Holding An Item

[Gidoza]

Can a player equip/unequip an item held by a Hireling at will, or is an item placed with a Hireling with the Hireling forever until that item is somehow destroyed?

[Munchkinator]

You can equip/unequip as long as you aren't in combat (in which case, you are stuck with whatever lineup you have).

Also, if the Hireling goes away, then the item goes too.

[Clipper]

Munchkinator, the Item may actually stay with you if the Hireling is not one of the generic ones from Munchkin, Munchkin 3 nor Munchkin Legends. The Hireling rules in other sets (e.g., Munchkin 4) say that you can keep the Item if a Hireling dies (due to a card like Kill the Hireling). Hireling from the aforementioned sets has different text on its card that overrides that rule.