I have some C16th wills in which the testator leaves wax to the church where he is to be buried. One (1527) makes mention of a “torch”.
Suggestions for uses for the torch and the wax.
The light in the church sanctuary near the tabernacle in which the sacred host (the consecrated bread wafer for Holy Communion) is kept. It's a perpetual light while the host is present in the tabernacle. The host is removed from the sanctuary, the sanctuary light is extinguished or removed and the tabernacle door is left ajar at the conclusion of the commemoration of the Last Supper on Maundy Thursday night. The sacred host is taken in procession to a side altar known as an altar of repose, symbolising Jesus being placed in the tomb. All other lights in the church are also put out and the church remains in darkness until the vigil service on Holy Saturday. The absence of light symbolises the absence of Jesus, the Light of the World, in the days between His death and resurrection. The host is returned to the tabernacle at Easter Saturday vigil and the sanctuary light burns again.
The Easter Vigil service begins with ceremonial lighting of a Paschal fire from which the Paschal candle is lit. The Paschal candle, which is larger than normal church candles, is carried into church in procession. After acolytes have lit their candles from the Paschal candle and then lit candles held by the congregation and finally the church candles, the Paschal candle is put in a prominent position in a special holder near the altar. It remains in position throughout the Easter season (which lasts until Pentecost/Whitsuntide) and is lit at the start of each Mass.
The wax might have been for votive candles lit while praying for his soul.