Some possible approaches:
(1) Leave the account open but take away Verified status.
(2) Update accounts to a new state like Verified-Estate or Verified-Family to indicate the account is official, but in a different way. (Or add a separate Deceased status, orthogonal so that an account could be marked as both Verified and Deceased.)
(3) Allow certain specific people (deceased's lawyer, spouse, executor of their estate, etc.) to create a dedicated memorial account, and automatically make the followers of deceased's account followers of this new account.
I think any of these approaches could handle the current situation. #1 would leave it as a ghost account. A political organization shouldn't meet the criteria for #2 or #3.