Despite sharing a name that is quite similar to its inventor, Chavismo is something that will live on longer after Hugo Chavez is dead and buried. It is a mindset, not something that is specifically put in place by one single man. Venezuela will continue such a mindset without Hugo.
It is a possibility due to Chavez' huge popularity, but it's been argued that the systems and mechanics of Chavism didn't all come from Hugo Chavez himself. If this is the case, then there's no reason to think that Chavism requires Chavez to exist. Still, we'll have to wait and see to be sure.
Chavez may be dead, but he built his support among the slums and with a large population of poor people. The right candidate could harness that and march their way into power. However, the wrong candidate could easily lose to Chavez's opponents who are likely go to be emboldened by the leader's passing.
Hugo Chavez was a lot of things. While some would disagree with how he did things and his policies in general, I think that one thing he was, was to be very influential. Because of this, I think that when he is gone, Chavismo will also go along with him.
With Hugo Chavez gone, Venezuela and the whole of Latin America must face some pretty big changes. Chavez was extremely popular and was able to do some remarkable things. It is unlikely that any successor he will have will be able to capture the people's minds and hearts like he did. However, his legacy will continue and hopefully the progress he made will not be backtracked.