The weapon has elvish writting on the hilt, which describes the power of the blade and a warning to whomever may use it. the main users are elvish warriers and members of a royal family as it is normally handed down a family line. The blade is made of platinum which shines mother of pearl and when commanded to it can submerge itself in boiling water which can get up to 110 degrees. The attacker can not withstand the blade near them or on there skin, as the blade enters the body the boiling water will burn them from the inside out within a matter of seconds.
A possible answer to what happens to spells when a mage dies. If the spell is strong enough, say and enchantment or other permenant effect, part of the mages spirit may become lodged in the magic. It may be a way for items to gain some kind of intelligence, but a mage who has knowledge of this fact would be very hesitant about enchanting anyone or thing. He might have other plans for his afterlife than counting the change in your bag of holding.
Preists, I think, would have this sort of thing covered.