As far as I can tell, they're both dead, and they died when Bertie was extremely young so that he was raised by a series of aunts.

One of the books refers to 'the late Mr. Wooster' (his father, not Bertie himself of course), and there are several references by Bertie to being raised by his aunts at a young age (though I could be reading too much into those comments). With all the money he has, it suggest an inheritance, and Bertie does once or twice call himself "The last of the Woosters" -- which I guess could mean the youngest or the actual last Wooster.