Wizards can hide their ensouled item in a dead mob via shapechange.

[GuyonBroadway]

If you use bind soul on an object, put it in your backpack and shapeshift into a mob(i.e a mouse). Your ensouled item is now in that mob, you may spawn to it at any time and nobody can tell if it was ever in there. The exception to this is if you took an ED 209 as your shapechange as it deletes itself on death and any objects you were wearing when shapechanged are now lost.