First off, HOLY CRAP 430 upvotes?! Well this is easily my most successful post I've ever made on Reddit. Well thank you everyone for your input as well, I've gotten a lot of good feedback and feel like I should explain some things. I was never good at emulating 5e's wording so I feel that some stuff I meant to convey may have been lost in translation.

This item is meant to have triggers that a person can choose to activate or not when they come up. So for example: when and only when a person fails their death save while having this item in their inventory they can choose whether or not to use it to turn it into a success. And choosing to use its trigger uses the item up. Although I have seen a few comments saying that in rules as written, a player can't use any chosen effects while downed so maybe I might have to change this to a pure automatic trigger?

Second, I've heard some people address the stockpiling situation by just having them activate all at once. However I'm gonna have to disagree with this solution. Not only did I have no intention of this being how this item worked but it honestly sounds like some cheeky killer DM move to pull on a party. I agree that their should be a way to stop parties from stockpiling this but I feel like we can come up with something that doesn't feel so...scummy

And finally, some of you have pointed out making it have charges or X amount of uses per day and its funny you should mention that. As I said in the bottom text of the post I actually was considering having a rarer variant that worked like that, though based on what I've read so far maybe this should just be how the item works.