If it get "lost" or "stolen" you aren't out much, and it doesn't contain any personal information. If "law enforcement" gets their hands on it the only data it has is the IMEI and maybe wireless MACs, enough to ID you based on previous use but they would have to contact telecos and request the info. Current "law enforcement" seems too chaotic to spend time tracing the owner of an empty phone.
Now if you post it on social media, make sure you read the content privacy policy. They often suck.
The law today DOES NOT protect you against the government.