I currently have the Templar follower, kitted out nicely. He's the only follower I've used on my Wizard, so I want to experiment with the other two. If I recruit a different follower and then switch back to the Templar, will he retain the equipment he currently has or will that be lost? Do I need to remove the equipment from him now and re-equip him manually later?
Followers will keep wearing what they had when you last had hired them.
You can even interact with them in town (right-click and select "Inventory") if you want their stuff back but don't want to (or can't, in a multiplayer game) hire them.