Cause of Death
The main reason wasps generally die in winter is that, unlike honey bees, they have not developed methods of storing food. With diminishing food sources available from the fall onwards, certainly in temperate climates like the majority of the U.S. and Canada, the wasps suffer from a lack of sustenance and are killed off by the cold weather.
Queen Wasps
The original queen of the nest will die come the autumn. The new fertilized queens, however, build up fat reserves to overwinter. This means they are able to survive the harsher conditions by sheltering inside tree crevices or human dwellings. They reappear again in April or May and go in search of an ideal new location to begin the whole process again. Wasps will never reuse a previous nest.
You see now I always thought that as well. However when I had one in my shed, and after getting stung many time eventually calling the team in, they told me they could return. Whether that was just a money making exercise I'm not sure.