Yes, elders do die in this game. But, it can take a while, even after you get that happy notice that granny is on her death bed. Impatient heirs need to wait. LOL The inheritance isn't yours until she's gone, after all. And, she may elect to spend it all on those great TV gadgets, you never know. MWAAHHAAAAA. >:)
But, seriously, I was anxious myself to have my Founder's wife die, since she aged up to Elder on their wedding day — conveniently just after their vows were said. :s I'm glad we now have a way to ascertain the Sims' age stage, at least. This could have helped my poor ill-fated Legacy Challenge, greatly. So, I did something I rarely ever do in this game. I had my Founder cheat. He needed heirs after all and since his 'old Lady' really was an old lady! I really didn't have too many choices. It was either start all over again, or find a way for heirs. (If you ask me, Maddie, brought it on herself, by lying to him in the first place, when they were dating.) I got the notice she wasn't long for the Sims' world, and they ended up fighting over the live-in mother of his two children. She went into the main floor bathroom and finally died.
Much later on both my Founder and his new wife (yes, he finally made an honest woman of her) died on the same day as each other. (How's that for true love?) Just hours apart. Then I had three ghosts who would prowl about the place. :*