Yes, the wasps will die once the cold weather comes, except for the queens which hibernate to start a new colony next year.
You can get aerosol wasps' nest destroyers, which are very effective. Wait until evening, and give the nest a good squirt. Alternatively, if the nest is accessible, squirt some paraffin on it.
Once the wasps are dead, either through chemical attack or through cold, simply lift the nest out with a spade and dump it in the incinerator.